TURNER CONTEMPORARY
CONSOLIDATED FINANCIAL STATEMENTS AND ANNUAL REPORT
FOR THE YEAR ENDED 31 MARCH 2022
Regl$tered Charity Nts- 1129974
Registered Company No.. 06772337 (England and Wales)

TURNER CONTEMPORARY
CONTENTS
Page No
Legal and Administrative Details
ChaiTman's Foreword
Report of Ihe Trustee5
4-1S
Independent Auditors. Report
16-19
Statements of Financial A¢tivilies
20-21
Summary Income and Expellditure account
22
Consolidated Balance Sheet
23
Charity Balance Sheet
24
Consolidated Cashflow Statement
25
Notes lo the Financial Statements
26-36

TURNER CONTEMPORARY
CHARITY REFERENCE AND ADMINISTRATIVE DETAILS
charity regi8tratlon number
1129974
Company reglstrntlon number
I￿772337
Trustees
Clive Stevens DL
Laura wr￿h1
Vivienne Bennett
Jill Con$lanline
Martin Cook
Sir Stephen Deuthar
Lu¢y Edernatie
Peter Ha%%kes
Kemel Hawlhome Pink
Sarah Hohler
Yasmin Khan
Keilh Valentine
(Chairl
Iwice Chairl
Key Management Personnel
v￿o￿a Pomery
Sarah Martin
Clarrie Wallis
Rowena Tozer
Theodora Og*£zi
Moya Stirrup
Sarah Martin
Toby Parkin
Sanjivan Kohli
Secretary and Gallery Director lunlil October 20211
Interim Director (October- December 20211
Secretary and Cal￿ry Director lfrom January 20221
Head of Finan￿ (resigned 10 January 20221
Head of Finan￿ Ifroffl 10 January 20221
Head of CommUnica￿On5 (resigned 26 July 20211
Head of Exhibrtions
Head of Learning and AUd￿ne£ Engagement
Head ol Developmenl
Prlncipal Address
Rende2VOUS
Margate
Kenl CT9 2HG
Independent Auditor
A2els Audit Servi￿$
5th Floor
Ashford Commercial Quarter
1 Dover Plaee
Ashford
Kent TN23 1FB
Bankers
Barclays Bank PLC
9 St George's Street
Canterbury
Kent CT1 2JX
Inve8tment advlsors
Charfes Stanley & Co L¢mited
55 Bishopsgate
London
EC2N 3AS

TURNER CONTEMPORARY
CHAIR'S FOREWORD
FOR THE YEAR ENDED 31 MARCH 2022
The last year has been one of immense change for Tumer Coniemporary and l am pleased to ￿pOrt that we have
weathered some Serious thaljenges to the organisa*on.
We started the year in Covid lockdown but knere plea$ed to be able lo re-opet7 our doors on 18 May 2021. While we are
not up lo pre-pandemic levels. nevertheless welcomed 128.965 wsilors lo oui galley in 2021122.
Projects outside the gallery Ihal had been deferred in 2021 due to Covttl also came lo fruib'on. Pioneering Places
substantial project ¢ommissioned by local school thildren woNking wilh Conrad Shawcr05s saw a major new artwork
installed In Ramsgate. England's Creabve Coast. led by Tumer Contemporary in wllafx)iation wlh Visit Kent saw athrfork
installed in the public ￿alM in seven l¢)¢ations acros5 Essex. Kent, and East Sussex.
Turner Contemporary has continued to be the catalyst for Ihe transfomialion and ￿generatiOn in Margate and the local
area. Much still need5 to be done. The Covwj pandemic has highl￿jhted the fragility of the econorny of seas5de towns.
Our capital project thal commenced in bd(down. and funded by Kent County Coun(#l and Arts Council England. has been
completed ￿th some extemal work lo our fapde dadding rernaining. With Kent County Ctsunol's 5UPPOrt we have
aembarked on upgrading all Iighling In the 9allery to LED. This V+Drtt wll improve the Quality of our visitor eXper￿nCe and
will support Turner Conternporary's future sustsinability and resilien￿.
Our new ¢alering partner. Bartetla. a￿ now operating the gallery café and Ihe offering there is proving popular.
After 20 years, service our Diredor Vi¢lona Pomeiy left in September 2021 to join The Box in Plymouth. l am delight&d
that we weie able to fecruil Claffle Wallis from Tate lo lead the organisalion going forward. Clarrie has brought a
freshness to Ouf strategic thinkin9 that wll Influen￿ all a$pe¢l$ of the gallery's operation and programme. I have been
delighted lo work wlh her In the initial stages.
I continue lo be aweslru¢k about the amounl that our staff have been able to a¢h*ve In very diffi¢uh times. They continue
to deliver inspiring cultural and ￿ar￿1￿j programmes both wthin the gallery and in the public realm. They do this at a time
of considerable pressure from the ongoin9 Covwj pandernic but also very Iitnited re50uice.
That said. we coukl not achieve what ￿ do wilhout the considerable support ol all our funder and don015 and I thank
them for their ongoing commitment lo Tumer Coniemporary. The support we receive from Kent County Coun¢il. Arts
CouTral England. Trusts and Foundations. patrons and indivklual supporters means so much. 11 makes a real difference to
the ¢ullural life of Margale and Ihe surrounding area.
I would also like to thank the Boar(l of Trvslees foT Iheir commibnenl lo the woth of the gallery as well as all members of
our Incredible tearn of 5tsff. They all do an amazing job with passion and vvJour.

TURNER CONTEMPORARY
CHAIR'S FOREWORD
FOR THE YEAR ENDED 31 MARCH 2022
Lastly. l am sad to repori that Ihis will be my last report. After an invofvemenl of 13 years Mlh Turner Contemporary and
the last six years a Chair. my time as a Chair and Trustee 15 corning lo an end. I will step down as Chair on 31st
December 2022 and the process lo seek and recruit a Suc￿SS0r is in progress. HO￿t￿er. I know the Steps we have been
able to lake and the team we have in place wll ensufe that Tumer Contemporary continues lo thrive into the future.
Clive Stevens DL
Chair

TURNER CONTEMPORARY
REPORT OF TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2022
The Trustees present their report and Ihe audited financ#al stalemenls ol ¢hanty for the year ended 31 March 2022.
The Trustees have adopted the provision5 of Ihe Statement of Recommended Practice ISORPI "Accounting and
Reporting by Charities" IFRS 1021 in pwarin9 the annual report and financial slatemenls of the charity.
The financial stalernents have been prepa￿ in accOrtJan￿ wlh the ar￿U0￿￿9 politses sel out in notes to the accounts
and ¢omply ¥￿1￿ the charity s governing dooJmenl, the charib.es Act 2011 and Accounting and Reporting by Charities".
Statement of Recommended Practice appl￿b￿ to chanties p￿parIng their accounts in accordan￿ with Ihe Financial
Reporting Standard applicable In the UK published on 16 July 2014 as amended by Bulethn 1 and Bulletin 2.
Obje¢tives and activities
The principal objedive ol the Charitab￿ company is the provision of a r*m18nent G811ery in Margate which celebrates
JMW Tumerfs association with the town and. Ihrough a varie(I programme of exhibitions, events and learning activities.
promotes an Ltnderslanding and enjoyment of hislorical and coThlemporary arL
The charitable objectives as sel out ITr the goveming dwumenl are.
To promote art for the benefit of the public through activ11￿S i￿uding bul nol limrted lo exhibitions. displays, events
and commissions in¢ludin9. bul not lirniled lo, those hehj al Tumer Contempofary,
To advance the e(lu¢ation of the public. in partiuJlar bul wilhout Iimrtalion In the visual arts."
To promote the efficiency and effectiveness of registe￿￿ ¢haribes and chantsble organisations. induding community
groups, through the provision of premises w oiher spaces inrJudiThJ. bul r￿1 limrted to. the TurTher Contemporary
building.
Publlc beneflt Statement
In planning future activity and tn revIe￿n9 Ihe cknaity's aims and tsbjecb"ves. the Charity CommissioA'S general guidan
on public benefit Is con51dered. The charills activities dearfy relate lo 11$ ￿987 objecbves of promoting art for the benefit
of the public and in advancing Ihe education of the public.
The activities undertaken and achevemenls outlined alk)w an assessment of the contribution made by these activities
towards furtheiing the charity's objectives. Turner Contemporary stresses the Importan(t of ensuring the a¢cessibility of
its exhibilioris and activilies and all exhibitions held in 2021-22 ￿re tree to enter.
Activities for achieving objectives
At Tumer Contemporary. believe in the power of art to Iransfo￿￿ people and plaos, doing things dIffe￿￿tlY lo achieve
our vision 'Art tnade Essential to be leaders in social and economic sustainability. vitally connecting art, people and
place, al home and arouNI Ihe woAd.'
Turner Contemporary Is located in Margale. a seaskle town on the norfh Kent &)a$t lhal had eXper￿nCed a significant
and sustained period of dedine a5 a lourisl des￿natiOn. Since opening in 2011. Turner Conlempoiary's presence has
been a calalysl for Margate's transformation. and have developed and maintsined a k)¢al, national and International
profile, allra¢ling more than 3.6 million wsits to the gallery trom the local area. nationwide and abroad Turner
Contemporary has become the blueprint for art$ led regeneraiion. we have generate¢J rnany millitsns of spend into the
local economy whilst successfully changing perceptions of Margate and the wider area. Margate has become a 'must-
See, destination for vi$ilor$. and Tumer ConlempoTary ha5 pul the to￿ bad( on the rnap.
A bold and ambilious artistic programrne 15 al the heart of Turner Contemporary and ensures that we achieve our
organisational aims. objectives. and strategy". Ihe programme is the driver In detertnining the long-lerm success and
viability of the organi5ation. The programme showcases a va¥ied and ex￿￿ng range of exhibitions. commissions, &venls.
and aclivilies for local, re9ional. national aTrd inlernatitsnal audience5. There is often a JMW Tuiner presence In the
building as well as wotk by artists Iiwng and working today. Turner 1177&18511 was a regular visitor to Margale and
mede some of his best-known wotks on the north Kent coast. Our innoVa￿Ve and ambitious p¥ograrnmes have helped
position Tumer Contemporary as one of the foremost 98lleries in the UK

TURNER CONTEMPORARY
REPORT OF TRUSTEES
FOR THE YEAR ENDED 37 MARCH 2022
A¢tlvltle$ for achieving objectrves Icontinuedl
The gallery is a fantastic fesource and a gieal Spa￿ for leaming. path"¢ulady for schools. ¢ollege$. universit￿$. families.
and the wder ¢ommunity. The LeamiThg P¥ogramme aims lo Iransfomi the Wdy adults, young people and ch11dren learn
about and through the visual arts. It Is Inquiry ba￿ and brings logether hands-on exploralion ￿th a philosophical
stru¢lvre that supports creatwe questioning and Ihinking. We provhle a diverse range of leaming opportunities. including
a formal schools programme and a wder infomial learning pr¢gramrne. The programme ha$ lou¢he4 the lives of
Ihovsands ol indNidua15 and has helped our aud￿n￿ a￿sS exhibits'ons in ways th81 are exciting and relevant. learn
new skills, and ultimately enjoy their eXper￿fice at Ihe gallery. The b￿¥￿th and accessibility of our programme continues
lo demonstrate the enortnous publK ￿ne[lI that our woth brings lo the community
Tumer Contemporary eonlinues to be an aclwe membeT ol the Plus Tate nelwork - a p3rtner$hip ol museurns and
galleries from around the UK who worf( wlh Tate. This relationship enables us to borrow key works from Tale Collection
as well as share curatonal knowledge. ￿sear￿. and InfortnatioTr on audience5. The gallery Is also a member of the
Contemporary Visual Arts Network. the Kent & Cultufal Transformab"on Forum. several regional, national.
and international networks.
Strate
icRe
ort
Achievements and perfom)an¢e
April 16th 2021 rnarked 10 years Sin￿ we first opened our door to VI￿10rS_ Ten years OTh. the gallery has welcomed more
visits than il was ever imagined and become one of the UKS leading art galleries. We are a space for our Community In
the heart of an exoling. ￿alIve towTr. Over the last len years have exhI￿ted Ihe wY)rk of over 2000 artists and pul £80
million back into the Kent e¢onomy. 100.000 Ioc31 thildren and young people have worked wlh u5 sino 2011. Mar9ate
has changed enowfiou51y in the last decade bul Ihere Is still much lo do as we look lo rebuild after the pandemic.
In March 2022 the Board signed off a new Diredorial vision. We ¢<Jnbnue lo be commilled lo artistic excellen￿ through
working wlh artisls and audiences and championing the energy and ideas of the 4%ider artistic community and the
importance of creative learning. We W￿11 loolE to InC￿8$e the representation of women artists. LG8TQIA+ artists. artists ol
colour and disability. we wll work those cornmrtled io our values and pay them fairly.
The team have developed an environmental strategy around four key area$. minimising our negative impad on the
environment., ensuring that Cultural and Tratural herilage is effectively p￿dU￿ and safeguarded". education and
awareness and promoting Sustainab￿ tourism. The gallery ts also ¢ommilted to directing everyday decisions, budgeting.
opefalions. procurement and tnanagemenl to c￿ate a suslaiThable lulure. We also plan to pilot an environmental
programme for artists engaged vhth pressing ecological que$lion$.
The breath and range of Tumer Contemporary's offer continues lo attract diverse audiences. For the year ending 31
March 2022 the gallery received 128,965 visits from the publio or this nurnber an eslitnated 29% of visited We￿ new lo
Turner Contemporary. with 15% never visiting any art gallery, 204/0 of wsilors were 'regulars' having visited in 1881 12
months. Of those who visited. 4Yo We￿ from Margale. 10% frorn the rest Th3nel and 28% froTn the rest of Kent (not
Margate or Thanetl. A furthei 29% came Irom London and 24% from the resl of the UK.. 6% of visited %%ere estimated lo
be international
Relalive to 2020, visitors in 2021rd2 ￿re younger. with 39Vh bet￿n 16 and 34 (compared wlh 15V/o in 202DI and 18Q/.
above 55 Icompared lo 530fi In 20201. The age profile was both younger than in 2020. and despiie 2020 bein9 an outlier
in the other direction (in having an okler age profile of visilorsl. 2021r22 was younger than ITh any of the previous years. Of
those new to Turner Contemporary, over 70°h knere beiween the ages 0120 and 34.
Visilof researth by Canterbury Christ Churth ICCCUI shows Ihal on average 84°/0 ol visitors a￿ likely lo rectynmend a
trip lo Margale lo a friend. In total thi5 represents over 3 million visits to the gallery have resulted in a recommendation ol
a visit lo Margale. Conlrolling for repeal visitors. Ihis bs an estimated 1.200.000 indiv￿￿al people ￿¢0mmend1n9 a visit 10
Margale after visiting Turrler Contemporary.

TURNER CONTEMPORARY
REPORT OF TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2022
Transformed lives
We know that our work impacts on the lives of many individuals hebing lo redutr isofats"on, develop ctsmmunicalion skills
and improve health and %4tlkbein4. In addrtion. our work has ￿rts￿ht enomiou$ e¢onfYniC benefits to the area.
Over the year the 9allery has rL•n nurnerous projecls thal have ifflpacled on the lives tsf parti¢ipanl$. Nearly 10,000 people
were engaged in in-person projecls. sessions. and workshops_ A further 23.000 were reached Ihiough dvJital ie50urces
and ￿nIent.
An example of this work vrds the Digital Skslls Project. Through Ihis project ihe gallery developed a programme lor
members of the local communily not In employment to (Sevelop digital skills to support their employability. Participants
were recruited via the Job Centre and Job Club to take part in the programrne over a period of eight N%eeks. Participants
created a film lo encourage locals an4J tounsls to explore their town through contemporary art and culture. In so doing.
the progratnme buitt participants. confidence and provided ￿¥)rk experien￿ on a Iwe brief.
Acros$ the year the 9alkry recruited five Welcomers as part of Ihe Govemmenl Ki¢kstarier stheme. The new staff were
all p￿vIoUslY on universal credit and are under the age of 24. They supported the check-in process, provided ¥*ayfinding.
and delivered the exil survey. After the scheme ended, th￿e Wel¢¢mers ￿nI on lo other ro￿ in the gallery.
During 2021-22 Iwo Major Pr{￿rammeS delivered with cullural partners d(XOSS the South East cotnpleled. 'Pioneering
Pla￿$. in Ramsgale. an¢J 'England's Creative Coast. whjch was delwered at seven galleries on the Soulh East ¢oasl.
Both projects involved sKJnifKanl partnership *Drking and community engagernent In Rams9ate, artist Conrad
Shawcross has wotked wllaboralwely with prirnary school children, %thi151 in Margate artist Michael Rakowi12 has worked
¢losely with members of the local Community who conlnbuted artefa¢ts for indusion in his sculpture. 'April the Cruellest
Month,.
Placed Margate at the heart of everything we do
Turner Contemporary has a ¢lear sense of place." we are an inlemalional gallery lor2ted in Margate. Our location. on the
51te where JMW Turner stayed on his frequent visits to Maigate. Is part of our story. The gallery is now very much part ol
our ¢ommunily and $upport$ the swal and e¢onomi¢ regeneration of the enti￿ a￿8 and we are looking al new ways lo
strengthen our position as a cultural anchor wlhin Thanet and fijrther afield. We a￿ developing new collaboialions wilh a
wide range of b¢al education and cultural partneTS whi¢h link publ￿ PTogrammes lo building a sense of community and
belonging and increasing audienc* participation and appretiatKJn.
Economic Impact
It Is eslimaled that on average the gallery has ￿￿t￿buted nearly £80rn to Ihe local economy. which has led to bolh d1￿ct
and Indirect employment of 149 lull brne equiv31enlS tsn average. This employment consists of 56 average full time
equivalents through GaI￿rY employment 8 furthei 92 full ts'me equivalents through indirect employment oulsKSe the
gallery. Based on the Social Return on Investtnenl 120151161 report. The net soual ￿t￿[Th on investment ralio for Turner
Contemporary's exhibition programme is 2.88 to 1. This means that in one year. for every £1 invested by Turner
Contetnporary, £2.88 of nel social value is created lor visitors lo the gallery
Envlronmental Sustalnablllty
The gallery has develtsped a new en￿rOnMental Strategy f(b¢using on Susiainable Development Goals ISDGSI.
The strategy has 4 focu5es.
Minimisiry our negative impa(X on the environment
Ensuring that cultural and natuial heritage le.g. local and maribme environments and ecosysternsl is effect￿ye1y
protected and safeguarded
Supportlng audiences lo develop their kntywledge. attitudes. and skills to ¢ontribule lo a su$lainable future.
Conlnbuling toward5 Sustainable tourism. that benelrts CL¥nMuni￿S. econ¢Jrnies, and the environment
The strategy is now a foundation ol the gallery vision and artiw￿leS an inlerseciional approach encompassing climate.
ecological, sooal. econom5c and raoal justice.

TURNER CONTEMPORARY
REPORT OF TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2022
A¢hlevement$ and performance Icontinuedl
Arts Ecology
This was another a ¢hallengiry year for Ihe se¢lor and for communiles emerging from Ihe pandemic. The learn has
continued lo support artssts al different slages of theif ca¥eers. along %wth creatsve communities In Thanet and wder Kent,
and sought to provide paKI opportvniks for arttsts during th6 time. We also remained active in various regional and
national network5.
In ￿lebration of the gaI￿ry s 10th anniversary. Ihe Tumer Coniemporary Open exhibitioTh featured work by practising
and non-professional artists living and working in Kent af￿ Medhyay. Approximately 450 wort(s by Kenl-based artists
were included. selected by four Margale community groups. Ag8 UK Thaiiel, Canvas 4 Equalify. Margale Pritle and
Iho T(Irnef Conten7porary Access Gro(Ip. who volunteered their time a5 curators with the support of Turner
Contemporary staff.
Since Augu$l 2021 have hosted and programmed regular First Fnday's - free events showsing Margate's
creative community and delivered in partThership with local artists and community organ1sations Includi￿9 People Dem
Collective.. Cement Fields." Thanet BVJ Sing Communily Choir and Po*er ofwomen IPOWI Festival.
Through mernbership of CVAN Southeast and Plus Tale. have taken part in discus510ns and working groups
sharing besl pradice in the sector. Trmth a particular focus on lair pay for artists. EOI issues and the ¢limale emergency.
We have conlinue<l lo support and champion local artists and makers through our ￿1811 strategy. commissionin9 and
sourong products locally where possible. Our retail learn ha5 worked wth a 2 local artsst to develop and commission
limited edibon and exduswe prcmjucts. Local artist prodvcts a¢counl lor 40% 01 all retail products.
Maximised 5elf-generated incomo
Turner Contemporary has a sustained locus on inueasing the level of self-generaled income to transform our
business tnodel and redu￿ the relian￿ on public sectof inve5tsnefit. Incorne generation is delive￿￿ through our
commercial and fuThlra1$1ng adNit*s
Our Development team has 8 signifi&qnt revenue fundraising largel to arthieve. We have eslab115hed an individual
patrons and ¢orporate patrons. 5¢heffle vthich now have active rnembers. In a4Jdilion, we apply lo trusts and
foundations for funding, some of is lor specific proJe¢ls. Our donation boxes are placed al strategic points
throughout the gallery and our mes5agiThg encouiage5 Wsitors to give. We encourage the use of Gift Aid whith
increases the value of any gifts.
Our Irading arm, Turner Contemporary Enterprise5, compwising catering. ￿tall and venue hi￿. gifts profits bad( lo the
charity.
We have worked hard lo create a culture of philanlhropy in Ihe organisalion and all our staff and trustees are
encouraoed to actively participate in this area of our w)rk.
Delivered an Innovatlve leamlng and exhlbttlon proytamme
Al Turner Conlernporary Pla￿ artssts and aUdIen￿S al (he heart of whal ￿ do. We have an Inlegraied approach lo
prograrnming that is ambitious. It ¢h211enge$ and Inspires our audiences. The public programme aims lo engage with
individuals who would not ordinanly visit a gallery by programming a dynamic and accessible programme of cultural
a¢livity. The learning programme enables our aUd￿n￿$ to access exhibitions in new and exciting ways. both through our
schools. programme and widercommunity based learning_
The exhibition programme 15 planned many years in advance and offers a fresh and sensitive approach lo the work of
JMW Turner. whilst engaging audien￿$ ￿th innovaiEve wotk by liwng artists. The exhibition pro9ramme aims lo be
international and ambilious, whilst also relevant lo Margate and our audiencÈs. Currently. the programme is e04)rdinated
arounLI three seasons per annum and strongly sUPPOrts the Arts Counul's Seven Quality Printspals and we Work with
Artswork Bridge along wlh other organisations lo¢ally. nationally. and InlematKJnally.

TURNER CONTEMPORARY
REPORT OF TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2022
Achievements and perfomian¢e l¢ontlnuedl
Our Leaming Progrdrnme
A new leaming slralegy was developed that sel$ out our ambibon to..
lTrrxease engagement. agency and participation with Irfelojwj leamiThJ. ryjllure and creativity. particularty wth
disadvantaged children and young people
Improve creative skills. curiosity. and critscal thinking abirty ror all audEn￿S
Establish Margale as a hub for creatNe learning
Enhance young people's life chances. and employment prospects
Improve the mèntal health and wellbeing of local young people
Engage and support a greaterdiversrty of audienwts
There was a srgnificant learning pro9rarnme in 2021-22 that Involved del￿ering the Pioneering Places thild ￿adershiP
project". supporting the delivery of the major projecl ErvJland's Crealwe Coast and leading on Ihe delivery of the Open
exhibition.
The ￿arnIng team ran the commvnty eThJa9ement for the 'Ellgland's Coalive Coast Proje¢t' A Geo¢a¢hing trail was
developed for Margale Mlh six geotsches (small walerproof t￿aSUre items) *ere hidden in Margale for Geocachers to
find. In addition, a local engagement group mel over the course of ihe yeai to conlnbule items that We￿ emb￿ded in the
R8kowt2 work and to plan evenls and meelings
As part ol the 'Open' exhibition the learniry team convened the 4 corvwnunily curatin9 9roups over a 6 month period to
select works over 4000 online $ubmi$$ions. About 450 athlorks %*re selected Including painting. drawing.
sculpture, photography. perforrnance. and AV w)rk. O¥e¥ unselected works Shown In Thanet slalions as part of
the Community Rail Partnership. The exhibrtion was hugely su¢¢essful and 47,720 people visited which proved a
welcorne opportunity lo celebrate arl made duriThg Ihis chaI￿ngl￿g period and the vital role gaI￿rieS can play In our
so¢iely.
The 3 year Pioneering Haces project culminale(I with the unveiling of Conrad Sh8￿ro$S, work Beacons in Ramsgate.
The project had wothed ¥Mlh over 80 chihYrÈn from local Ramsgale schools. After researching Ramsgate. the chIld￿n
¢reateiS a brEf and selected Conrad froffl a 5hortlist of artists. The project was a community endeavour with children,
parents and lea¢her$ leadin9 on developin9 the bnef and ¢reating learning resoun￿$ 8nd engagement activit￿s.
The learning team also cornpleled the School Prints Project. Sthool Pnnls revNed a ground-bieaking scheme set up in
the 1940$ to supply orwinal. high-qualily ￿nteMpOrary art lo primary s¢hoob. Supported by the Art Fund and In
partnership wlh the Hepworth Wakefiekl. Turner Contemporary wothed wth three Margate Pritnary Schools on a remote
engagement prograrDme centred on the 2020 school prints. This took Ihe fomi ol weekly session$ befv¥een April - July
2021 and 160 student$ worked as Youw Arts Leaders lo invesligaie the sel ol prints gifted to their school through
printmaking. collage, exhibition plannin9 and discus5ton.
The gallery also worke(l Trmth around 6(10 sludenis as part of the c￿a¢￿e Transitions project. Students were given a
specially designed pad( of materials for creating a collaborabve ariwork. The WOfk5hop pack contained a morning's worth
of activities in the form of a guide. presentation and videos trom En9agemenl Assislanls. which teachers could use
flexibly. The workshop encouraged students to think about their place in their new school. and what il means lo have a
da$sroom. The schools iakitvj part ChathaFn and Clarendon House Grammar School. Royal Harbour Academy and
Charles Dii*ens.
The team also offered Six weeks of artisli¢ sessions wlh Age UK dents in their Margale community hub and partnered
th Beach Creatsve lo offer a 10-%4Eek art dass for adults. The course was offered for ¥￿e and was funded by UCA. It
was available lo aclulls whose highest oualili¢ation was belowtjegree level.

TURNER CONTEMPORARY
REPORT OF TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2022
Our Exhibition Programme
Following a period of dosure lor a range tsf capital ￿>[k$. the gaI￿ry was able lo ieopen in May 2021. The exhibition
programme I￿￿Ude￿ a tenth anniversary Open show. s￿anIficant artisls commissions in the public realm and in the
gallery. and one-person exhibitions realised in p3rtnership with olher UK venues, as follows".
Barbara Walker.. Place, Space and Who
April 2019- extended to September 2021
Sunley Gallery
Place, Space and Who, was a sile4pecifi¢ artwork by Brib$h. Bimiingham based artisl Barfoara Walker. Created over a
fouT-month ￿sidencY at Turner Contemporary. It explored identity and belonging, fealuring sound and portraits of five
women and girls from Ihe African Dospora ljving in Margate and Kent. wilh an accornpapying publi¢alion- Walker's first
monograph.
England's Creative Coast
l May- 14 November 2021
Artists.. Andreas Angelidakls., Marlana Ca$tlllo Deball: Holly Hendry: Jasleen Kaur; Katrlna Palm¢r' Pilar
Quinteros and Michael Rakowitz
England's Creative Coast, was an ambitious project airned at shifting the whole approach to cultural tourism in the South
East of England Seven new site-specific ar￿rt(S by international ¢ontemporary artists ¢onneded the coastlines of
Essex, Kent and East Sussex. including a fiew Sculpture by Michael Rakowitz in Mar9ale. ECC attracted over 400,000
visitors across the proie¢l as a vthole. many of slayed ovemwjht, conlribubng to the region's economi¢ rewvery
followng the pandemic.
England's Creative Coasf was led by Tumer Contenwrary and Visit Kent and funded by Atts Council England's Cultural
Deslina*ons programrne.
The Tourlsts.. Ellen Haryey andJMW Tum•r
Steve M¢Queen.' Ashes
18 May. 26 Septefflber 2021
Turner Contemporary s l Oth anniversary year opened wth an exhibibon ol Ihe work of Bnti$h. New York based artist Ellen
Harvey paired with JMW Turnei. The Tourists explored ihemes of tourisrn and ecology, our relalionship to images,
architecture and p12¢e. de$lru¢lion aThY loss. The centrepiece to the show was a new called The Disappointed
Tourist. comprising over 200 painlings of srtes that have d*sappeared. From the Temple of Bel in Syna to Bfandy Bucks
restaurant in Margale. Harwey ¢ro%%xl sourced pla￿$ fiorn acfoss Ihe workl. The exhibition then travel￿￿ lo The Museum
of Modern Art. Salzburg in auturnn 2021.
Alongside. we exhibited artist and filrnmakw Steve Mcaueen's ￿de0 installation 'A5he5'12002-20151 a powerful work
about place. memory, and loss. set against the backdrop of the o¢*an_ It is composed of footage filmed by McQueen over
len years. on two separate visils to the Caribbean Island of GreThada
a fomier French and British colony that achieved
independence in 1974.
Yinka Ilori.. Slices of Peace
King's Hill Public Art Residency and Commisslon
The Kings Hi11 Public Art Residency and Commi5SIOfi Is all ambilious public art comm15sion wilh associated Artist in
Re51dence scheme for the new public park at Kings Hill
residential community and business park on the sile of a
former Royal Air Force base ID West Kent. Tvrner Contemporary 15 Ihe curalorial lead for the project. In partnership wlh
University for the Creative Arts and supported by Liberiy Property Trust and KCC.
A new public artwork by artist and deswJnef Yinka Ilori wll be inStal￿d In the park In autumn 2022.
Turner Contemporary Open
Sat 10 July 21.sun 9 Jan 2022
The 'Turner Contemporary Open. vrds an Open submission eMhibitioTh to mark our 10th annNersary. It was open to
praclicing arlisl$ living and working In Kent 8 Medway or those wotking nation311y and Inletnalionally who studied In Kent
& Medway and Instslled aeross all of our firsl-lloor galleries and Ckjre Learning Studio. The exhibition celebraled and
showcased the wealth of artistic talent living. working or trained in Kent.

TURNER CONTEMPORARY
REPORT OF TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2022
Plotrjeerlng Places.. Conrad Shaw¢ms$
September 2021
Rarn5gate Seafront
Pioneering Places, was part of Ihe ACE and National Loliery funded G￿8¢ Place Stheme. The project irs Rarnsgale, led
by Turner Conletnporary. was a Ihree-year chikj leadership project iTrvolwng rnore than 70 local school ¢hildren worf(ing
with leading British artist. Conrad Shaw¢ross_ The re$ulling publi¢ s¢AJlplure. Bo&¢ons. was unveiled on Ramsgate
seafront In September 2021.
Sunley Gallery
12 NoveThber 2021. 16 April 2023
New work by twt> artists wlh a strong connection to Margate made for and in Ihe Sunley Gallery. Sophie von
Hel￿rmann.$ fwuralive paintings draw on lables. legends, an¢J traditional stories that are Imbued wth th& workings of her
subconsoous. Anne Ryan makes hwJhly coloured. constructed paintings that focus on figures engaged in a variety of
acti￿lieS, drabwng on diverse sources from visual cullure and Ihe ￿￿>[￿1 around her. Their collaborative inslallalion draws
on their longstanding relationship with Margate. with ￿￿rkS refreshed several I'mes during the exhibition.
Waylinder.. LarryAchiampong and JMW Turner cufrxted by Lany Athlampong
12 March-19 June 2022
The first major solo exhibition by British-Ghanaian aTbst Larry A¢hiampong induded the ne￿￿Y Commissioned feature-
length film 'Wayfinderf. which follows a young girl's journey auoss England Achiampong also curated a display of
paintings by JMW Turner and collaboraled wth the learn lo ￿ate a gamit¥J roorn In the Cltsre Leaming Studio. game
design workshops and talks for families and s¢hooL8. 10 inspire peopk frryn every bad¢ground lo discover careers in the
game5 Industry.
Wayfinder toured lo MK Gallery. Milton Keynes and BALTIC. New¢a$lle.
Anlony Gormley.. Another Trme for Margate (offsite until 20301
Anlony Gormleys cast iron sculpture on Ihe Margale foreshore Is set io rem8in in situ for a further 10 years and
Continues lo inspire visiltsrs lo the ltswm.
Touring
Seaside Photographed
Following delays due lo the pandemi¢. our major photography exhibibon Seaside Photographed toured to two further UK
venues th15 year." Ne￿lyn Art Gallery and the Exthange IMay-July 20211 and The Grulldy Art Gallery, Blackpool (July- 11
September 20211.
Financial review
Total incorne for the year amounted lo £2.579.203 12021." £2.833.8631. Ey4>enditure amounted to £3,098.367 12021."
£2,383,881). The above movements amounted to net deficit for the yearof £519.164 (surplus for 2021.. £449.9811.
The deficit for the financial year Is mainly due lo the receipl in 2021 of feslfscted funds that were spent this year. Due lo
the ac¢ounting requ1￿mentS of the Stalemenl of Recommended Pra¢lice (see note 1.1 for further delaill. the grant
income is required to be accounted for ir) the year in %thich it is received. Therefore. While the incorne is accounted fof in
2021. expenditure In ￿latiOn lo these proie¢ls is a¢¢ounled for this year wlh the remain¢Jer falling Into future accounting
periods. Over the course of the year. reslricled funds have fallen by £450.710. from £668.949 al the end of March 202110
£218.239 al the end of March 2022.
Turner Contemporary ended Ihe finanual year wlh con501wJated Un￿ 5tricled funds of £837.462 12021.. £717.1991 an
increase of £120.263 from the pnor year. Tvrner Conlemporary aims to build a surplus in order to develop the
organisalional operating reserve.
The Iruslees reported a nel reduction In endowment funds of [88.094 12021. £640,987) after Ir8n5fers ￿lating lo funded
projects, and a nei deficil in restricted. unTestrKle£l and non-charilable funds of £330.447 IsuTplus in 2021 £414,5391.
The balanr* sheet al 31 March 2022 shows a total funds po$ibon of £4.002.46712021.. £4.421.0081.
10-

TURNER CONTEMPORARY
REPORT OF TRUSTEES
FOR THE YEAR ENDED 31 AVIRCH 2022
Enrlowm&nl
The Catalyst Endowment has been establishe(I to PfOVKle an investrnenl return io support commtssions In the public
realm, events oulshle the gallery and res*lency prr>Jrammes_ The endo%47nent has a value as at 31 March 2022 of
£2,946.76612021 £3,034,860).
Ihe Endowment Is managed by Charfes Stanley and is overseen by Ihe Board. The trustees. poli¢y 1$ lo balance income
and capital returns and wll be managed to maintain al leasl the real c2pilal value of the Endowment whilst generatin9 an
Investment income 10 5UPPOrt the charitabk objective5. A total Tetuffl approath is used. providing lor inflation anil using
the residual as income for activities_
The Trustees regularly review the level of risk given Ihe prevailing slate ol the economic and political dimate, which
Infoms the invesimenl allocalv)n. In line ￿th the total tetum approach appl￿ 10 Ihe investment of Ihe Endowment, and
Ihe policy of a general largel of 2.5010 to be available lo Spend on suitabk projecis. Ihe Trustees wll pe￿￿jIca1IY decide on
the portion of the funds, retum5 to draw for revenue expendilure by the gallery.
EiJdowm8nl policy
The endovmient is invested to produr* the best financtsal relum *ilhin an aetsp1ab￿ level of risk",
The investment obie¢live is to balance income and ¢apilal ￿￿rn$.
The assets shoukl be fflanaged to al least maintain the real capital value or the endommenl over the medium-term,
whilst generating adequate Investment in¢ome lo support the ¢ha(ilable adivrties of the gaI￿ry."
The Board of Trustee5 will seek to achieve this objectsve in a total return setting. Providing first for Inflation proofing ol
capital. aiming to use the residual as in¢ome for ils adivil*$. wlh the poli¢y of a general target of 2.5% of funds lo be
availab￿ for suitable projects.
The endowment should assume that il is unlikely lo generate reiurns h￿her than inflal'on plus 3% Inominal return of 3-
6%) and plan ils aclivitEs accordingly".
A set current income target does not seem appropriaie in loday s environment but this may change if bond yields rise
back towards ffl0￿ notrnal level5.
ReseTres poli
Turner Contemporary considers a broad range of laclors in its reserves policy. The organisafron'5 actiwties and 51ruclu￿s
are somewhat Complex, operating a publr space comes wlh subslanlial publi¢ liabilities, and there are risks arising from
engagement in trading or prowsion of goods and se￿iCe$ under corklracl. Tumer Contemporary has three reserve funds,
EndobwThent Ireslrictedl. Re51ntled and Unrestricted, and has a long-tettn Ipase on a complex building and operales
trading subsidiary.
The Trustees have ag￿ed a Reserves Policy. which is a product of strategic planning. budgeting and risk Tnanagetnent.
The policy ￿qUireS that the companys CO￿ acbvily. funded through Ihe unreslncled reserve. could continue for six
rnonlhs during a peri£KJ of unforeseen difficulty. which is in line wlh the Chanties Comfflission recommendation for large
complex undertakings. To support this. in 2020 trustees agreed thai unrestricted reserves should not be permilled lo fall
below £250,000 al any lime The unrestricted reseNe tolals £736.607 12021". £707.8021 against the organisational
ambition to develop an Un￿$t￿cted reserve of aPw0￿mate1Y £1.250.00012021." £1.250.0001.
Establishing a six-month operating reSe￿e will supporl the organisation in trading through potential adversily and will lake
acctsunl of future commitments and reduction tsf finanos from key public funders. The cakulalion of the required level of
setves is an integral part of the organisalion's planning. budgeting and f0￿Casting. The level of ￿serveS from
unFeslrided funding will be worked ltswatds ovew a ten-year peri(*l. The level tsf reserves ￿711 be monitored anij reviewe
by the trustees on an annual basis.
Al 31 March 2022 reslricled fund$ amounted lo £218.239 12021.. £668.9491- See note 16 for further information. and for
the proiecls lo which these funds relate.
Al 31 March 2022 endo¥Mnent funds amounted to £2.946.766 12021.. £3.034.8601. See note 16 for further Information.

TURNER CONTEMPORARY
REPORT OF TRUSTEES
FOR THE YEAR ENDED 31 AIARCH 2022
COVID-19
After the capital refurbishrnent the gallery re-opened on 18 May 2021. The Tumer Contemporary team undertook
signif￿aTrI risk assessmenl and athiiee IA line ￿th industry standards and expert adwce. The trustees were salisfied that
the gallery was reopened in line with best practice and Government and Industry guKlelines. and that the Covid-19 related
risks to both visitors and staff were effeclively rnanaged. The wsit numbers **re restricted to 195 people al any one time,
a calculation that had to be adapted based on average d*tll lime in diherenl exhibilK)ns (average 1 hour
McQueenlHaNey. versus 2 hours Turner Conlernpor&ry Openl. further affecting overall capacity and daily figures.
Maintaining salety for visitors and staff required investment in enhanced ¢leaning and high monthly PPE Costs.
Facilities, E51ates. IT. Operations. Reta¢l, our Catering parlners arKI Fiont of House all worked hard lo maintain
consisten¢y of service and lo rernain ¢)pen despile a llurnber of thaltenges around staffing. Staff not only h8d to be
absent due to their own $idtness bul *tre force(I lo isolate vh*n larnity or housetnates wefe unwell accorditvJ to
guidelines.
Turner Conternporary inlroduced lickeling to manage capa(#ly to enable soual distancing. in line ¥￿th other venues. As
with our peers. noted many advanta9es to introdurjng advance booking, induding increased donations, clearer
CQtnfflunications with visitors around their vi8il as ￿*11 as our ofler.
Lower visitor numbers across Ihe year had an impaci on income from retail. venue hire and catering wmmission.
Future developments
2021 22 has been another chalknging year. The impact of Cowd-19 has been substantial on the gallery and our
¢ommunily. We also used this tsme to consider our frjlure and are developing a new vision and programme strategies for
2020-2030 and continue to dI￿U$$ the possibility ol the development of the Rendezvou5 Slte. the land at the rear of
the gallery which is owned by Kent County coun￿1.
The arrival of a new Director In January 2022 signalled a peri(Ml of consolidation, parii¢ularly in lerms of finan¢ial
processes, governance and working EOI through the organi5ation. The Strdlegic Leade¥ship Team spent the latter part of
the year working Iowdrds a Trew vision to support their application to ACE Lets Create NPO Appli¢3lioD for funding lor
2023- 2026.
The gallery will also update ils evaluation framewotk so that it is dear in lellns of activities. measure and connecbon to
ACE Inveslrnenl principles which can be used for regular reporting and help In Ira¢J¢ing Outputs and outcomes.
Rl$k manayemenl
The Trustees have assessed Ihe major risks to ￿kn1¢h Ihe ¢hanty is exposed. those relatir¥J Its the speeific operational
areas of the ¢harily. Its invesltnenls and ils finances The Trustees beI￿ve that effective systems and controls are in
place lo mitigate these ri8ks by ensuring that effe¢ltve ¢onlrds exist over key finanoal system5 and by examining the
operational and business risks faced by the charity.
Ongoing risk a5ses5ment and management ss encouraged knithin the programme to enable delivery of a varied and
engagin9 programme. and in developing comrnefaal and philanthropic giving lo support the long-term financi81
5uslainability of the organisalion Turner Contemporary has a ¢(Knprehensive risk mana9ement programme In place
which is desi9ned to ensure that significant and emerging risks are Identified. assessed. and managed effectively. Risk is
managed lo always ensure that we will ￿mplY with slatultsry and legal iequiremenls and condition5 set down by funding
partners.
A Risk Register fom)s part of the Business Plan and is wulady appiai5ed, revIeY￿d, and updated. The purpose of the
Risk Reg151er 15 to help all stsff and trustees klentify and manage risks befo￿ they o¢¢ur, rather than dealing with Ihe
consequences. Our approach to risk managernent enables us to hJlfil our ambitson5 and maximise opportunities when
they present therrselves. The Trustees bel￿e that efleclive systems and ¢A)nlrols a￿ in place to miluale these nsks.
12-

TURNER CONTEMPORARY
REPOR T OF TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2022
Rl$k management
Key risks relate lo staffing and funding. Turner Contemporary needs h￿hlY skilled and flexible staff within the team.
Recruilmenl in East Kent and wthin the museum and gallery sector is Challenging. Our aim is lo develop and relain staff
The other rnajor risk relates lo core public funding from Kenl County Council IKCCI and Arts Counol England IACEI.
Year on year. core funding Irom KCC has reduced and ￿ are wothing closely with col￿agUeS at the County Council to
diversify our lunding portfolio.
Golng ¢oncern
The trustees are of the opinion that Tvrner Contemporary is a (>)in9 Concem as al 31 Marth 2022.
The organisation receives svjnificant core funding from Kent County Coufic%l and Arts Counril England IACEI. The
amount of this funding Is agreed up to 31st March 2023 and bolh funders have fflainlained their SUPPOTI throu9hout the
Covid Pandeniic at the same levels %Mlhoul ￿￿diOn_ Fundin9 from ACE as a National Portfolio Organisation for the
three years from 1st April 2023 will be announceil In October 2022 but based on discussions antj Indicat5ve figu￿$. the
Iruslees are confidenl Ihal funding *ill Continue lo ensure that the tsrganisatron can continue to operate over the term of
the funding award.
Cash balan￿$ and ￿serveS remain healthy vthh cofe funding being paKI In siages Ihroughout the year. While we have
generated a surplus on ￿n￿stric￿ed funds durin9 the year, we have seen additional pressures arise as we have come out
of the pandernic lockdown wheTh incorne has not yel reached pre-pandemic levels. However, actNity is in￿asIng in all
areas of operation.
The Trustees recognise an existential threat to Ihe organisalion from increases in energy costs in the cUr￿￿t year.
However, trustees are of the opinion Ihal in a Wofst case position the￿ will be the cash reserve5 to meet these costs in
2022 and 2023. although some govemment help may be fr>rth¢oming from a new adminislralion.
Restricted Reserves have been carefully rev￿%%￿d and Tumer Contefflporary does not expect ID have to return any
restricted funds hekl for non-performance of contracted activities. The Endowment is also managed by Charles Stanley
with a medium- low risk management profile and Iherefore Ihe medium tewrn n5ks 10 ihe investtnenl valuation are
considered lo be low
Fundraising
Turner Contemporary 1$ a d)anty and has wbilious annual fundraising targets. We employ a Small in-house
Development Tearn who WO￿ on all aspects of ovr fundraisirvJ. We do not employ any external professional fundrai5eis
to fundraise on our behalf bul all staff members and any volunteers. induding Iruslees, involved in fundraising a¢livilies
are trained in accordance wth recognised standards to ensure Ihal Ihe public. Including vulnerable people, are protected
from unreasonable or intrusive approathes.
Turner Contemporary has nol received any complaints aboul our ftjndraissng actwit￿S and we are GDPR compliant.
Museums and Galleries Exhibitions Tax Relief
We welcome the opportunity Its daim lax ￿ller on the fe5earth and development of our exhibitions programme. We will
submit claim5 for 2021-22 during 2022.
Structure* governance and management
The company Is a charitable company limile¢J by guarantee and is govemed by its Artides of Association ilated 12
Oecember 2008. 11 is reg151ered as a chanly the Charity Commission under number 1129974. Tumer Contemporary
originally became a charity on 3 June 2(X)9.
Turner Contemporary Ente￿riSeS Limited. a privale Iimiled company registered In England and Wales. is a wholly owned
subsKJiary of Turner Conternporary.
13-

TURNER CONTEMPORARY
REPOR T OF TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2022
The Iruslees of Tumer Contemporary who served during the year are."
Clive Stevens DL (Chairl
Lucy Edeffla￿.e lappoinled April 20211
Laura Vvnght (VI￿ Chairl
Peier Ha%%kes (appointed April 20211
Caroline Alton I￿S1gned 31 March 20221
Kemel Hawthome Pink
Mi¢hael Arrnitage Iie51gned Apnl 20211
Sarah Hohler
Vivienne 8ennelt
Yasmin Khan lappointed April 20211
Jill Conslanline
Professor Simon ofield-Kerr {reS￿ned 31 March 20221
Martin Cook
P￿r8 Sanders {res￿Ned 31 March 20221
Sir Stephen Deucher lappointed April 20211
Kerth Valentine lappoinled April 20211
Appointment and recruitment of tm$tees
The man2g&ment of the company ss the responsibility of the trustees vtho a￿ e￿cted and co-opted under the terms or
the Articles of Association. There must be a minimum of trustees. One trustee shall be appointed by the Local
Aulhorily. Ea¢h trustee must retire frotn olfice ai the third annual ￿tIrement meeting following the commencement of Iheir
le￿ of office. Retiring trustees may be reapp)inted Un￿$$ they have seAfed lor two ¢onse¢ulive lemis of office whereby
they cannot be ￿appoInted until the eatlier ol al anntversary of the Commen￿Ment of their break ffom Offi￿ and bl the
annual ret1￿ment meeting followng Ihe annual ￿t1￿ment meeb.ng at whth their b￿ak from Offi￿ ￿MMen￿￿.
Poll¢le$ adopted for the Induction and training of trustees
New tru5tee5 are recruited according lo the trustees and Dire¢lorfs ongoing assessment of the overall skills ￿quIred to be
represented on Ihe Board and what additional skills are needed to COMp￿rnent the overall mix.
Newly appointed Iruslees receive briefings fr¢)m Ihe Chair. Dire¢tor atKI Strategic Leadership Team and are provided wth
relevant Charity Comrnis510n guidance. All trustees are encouraged lo allend appropriate trainin9 Courses.
Organisational structure and declsion maklng
The Board Currently cornprise5 12 Iruslees who have delegaled p￿r8 to the Exe¢ulive team to make expenditure
decisions up to £50.000_
The followng sub-cornmiltees of the Board meet regularfy..
Finance
Artisti¢ and Learning Prograrnrne
Fundraising and Developrnent
Digital Transformation
In addition. to the sU￿C￿￿milteeS. we have a Tumer Contemporary Enterptises Boafd wthth supports and gu1des our
commercial aclivilies. All 5ub-commiltees report (o the full Board at the quartedy Board meetings.
The day-to-day activities of the galkry a￿ managed by the Directw. Clarrie Wallis and the Strategic Leadership team.
Pay poll¢y for key management pewsonnel
All trustee5 give of their time freely and no Iru$lee ￿￿1Ved remunerab.on In the year. The pay of senior slaff Is re¥w￿d
annually by Ihe Director and Board of Trustees. The difectorfs rernuneration is a decasion of the Board.
14-

TURNER CONTEMPORARY
REPOR T OF TRUSTEES
FOR THE YEAR ENDED 31 AIARCH 2022
Trustees respon6ibllitles
The Iruslees (who are also directors of Tumer Coniemporary for ihe puws of cornpany lawl are responsible foi
prepanng a trustees. annual report and finanoal slalements in aclxTrrdan￿ wth applicable law and Uniled Kingdorn
Generally Accepted Accounting Practice.
Company law and the law applicab￿ lo charilies in England and Wales reqUI￿S the trustees lo prepare financia1
slalemenls for each financial year. which give a true and fair wew of the state of affairs of the charitable cornpany and of
the incoming resources and applir2tion of resources. induding the in¢ome and expenditure. of Ihe cJ)arilable company for
the year. In preparing those financial statements the trustees are required to".
select suil8ble accounting policies and then apply Ihem ¢on*stently.
ObSe￿e Ihe methods and princ*ple$ in the Chartties SORP 2015 IFRS 1021".
make judgements and estimates that are ￿aSOnable and prudent".
state whether applicable accounting standards have been fo110%4*d. svbiect to any malerial departures disclosed and
explained in the financial statements..
prepare the financial statements on ihe going conwn basis unless il is inappropriate to presume the charilabfe
cornpany will continue In business.
The Iru$lees are responsib￿ for keeping adequate accounting records that disclose ￿1th feasonable accuracy al any tirne
the financial position of the ¢harilable Company and enable thern to ensure that Ihe financial statements comply wilh the
Companies Act 2006. They are also responsible for safeguardtTrJ the assels of the charitable company and hen￿ for
taking reasonable $leps for the p￿VentIon arbd deiecb.on of ffaud and other I[￿gUla￿lieS.
Auditor
In accordance with the companls artides, a resolution proposing that A2eis Audrt servI￿s be reappointed a5 auditor of
the company will be put at a General Meetinq.
Disclosure ol inlormatton to auditor5
Each of the trustees have confirmed thal there is no infomialion ofvthich they are aware which is felevanl to the audit, but
of which the auditor Is unaware. They have lurther confirmed thal they have taken appropriate 51ep5 to Identify such
relevant information and lo establish that Ihe 8udilors are avrare of such infomiabon.
This report has been prepared in accordance %*th the special provtsions ol Part 15 of the Companies Act 2006 relating lo
Small ¢ompanies.
Signed
ehalf of the Iru51ees".
Clive Stevens DL
Chair
Dale.. 4 October 2022
15-

TURNER CONTEMPORARY
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF TURNER CONTEMPORARY
Oplnlon
We have audited the finanaal statements of Tumer Contempoiary lthe parent chatitable companyl and its
subsidiaries Ilhe group) for the year ended 31 March 2022 vthi¢h comprise the Consolidated Slalemenl of Financial
A¢livilie5, the Con501idaled 8alan￿ Sheet. Ihe charitab￿ Company Balance Sheet. the Consolidated Cash Flow
Statement and the ￿lated notes. The finanoal reportin9 framework thal has been applied in Iheir prepar81ion is
applicable law and United ￿'ngdoM Accounting Standards. including Financaal RepDrting Standard 102 The Financial
Reporting Standard applicable in the UK (United Kingdom Generally A¢(tpled Accounting practi￿).
In our opinion the financial slaternents".
give a true and fair view of the stale of the 9roup and parent Charitable company's affair$ as al 31
March 2022. and of the groups incoming resources and applicatson of resoufces, induding Its
income and eX￿ndItUre. for the year Ihen ended."
have been propedy prepared in a(tordance wlh United kn"ngdom Generally A￿pIed Accounting
Practice". and
have been prepared in 8ccordance with the requirements of the Companies Act 2006.
8asis of oplnlon
We ¢ondv¢led our audit in accordan￿ with Internalional Standards Auditing IUKI IISAS IUKII and appli¢able law.
Our responsibilities under those standards are further desuibed in the Auditor's responsibilities for the audit of the
financial stalemenls section of our iepori. We are independenl of the group and Char*lab￿ company In actordance
with the ethical requirements Ihal are ￿leVant lo our audit of the finanual statements in the UK. including the FRC'S
Ethical Standard, and ￿ have fulfille<J our other elhiral fesponsibililies in accordan￿ with these iequirernent5. We
believe Ihat the audit we have obtained is $ulhc*nt and appropriate lo provKJe a basis for our opinion.
Con¢lu$lon$ relatlng to golng ¢oncem
We have nothing lo report In iespecl of the followng mattefs in rela￿"on to which the ISAS IUKI requi￿ us to ￿pOrt to
you where.
the Iruslees. use of the going rXiTh￿rn basis of afxounti￿ in Ihe preparation of the financial
statements 1$ not appropriate". or
the trustees have not disclosed in the finanrjal statements any identified material uncertainties that
may Cast sKJnificanl doubt about Ihe gioup's or charitable cotnpany s abilily to continue to adopt the
going concern basis of accounting fol a penod of al ￿881 t￿e1ve months from the date when the
financial statements are aulhorised fof issue.
Other Information
The trustees are fe5ponsible for the offter inforrnalion. The other infotmatK)n compr15e5 the Infotmation included in
Ihe Iruslees, annu81 report . other than Ihe finanual statements and our auditor'$ report Ihereon Our opinion on the
financial statements does not cover the other Inlotmabon and. eX￿pL to the extent olhew5e expliotly stated in our
report, we do not exp￿$$ any form of assuran¢e ¢on¢lusion the￿On.
In conneelion wth our audit of the finanual stalemenls. our responsibiltty is lo read the Olher infonnation and. in doing
so, consKler whether the other inforrnalion 15 malenally inconsislenl wlh the financial slatetnen15 or our knowledge
obtained In the audit or otherwse appears to be materially misstated. If identify such material inconsislencies or
apparent material tnisslatemenls. are required to determine vthether thefe is a material tn15Statemenl in the
financial slalements or a material misstatement of the other inlormalion. If, based on the wortt we have performed. we
condude Ihal there is a material misstatement of this other informa￿on. we a￿ iequiied to report that fact.
We have nothing to report in this regard.
16-

TURNER CONTEMPORARY
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF TURNER CONTEMPORARY
Oplnlons on other matters prescribed by the Companies Act 2008
In our opinion, based on the work undertaken in the course of the audit..
the Inlortnation given in Ihe Irustees. ieport lincofporating the Istralegic report and thel directors.
report) for the fin8nrJal year for which Ihe finanual slalemenls are p￿pared is consistent 4Mth the
rinanoal slaternenls". and
the slralegi¢ ￿￿rI and the di￿¢101$. report have been p￿Pared in accor(lan￿ wilh applicable legal
requirements.
Matters which we are requlred to report by exceptlo
In the light ol our kno5￿edge and Understanding of the Charitab￿ company and its enwionrnent obtained in the course
of the au¢Jil. have not Identified mater￿1 misslalemenls in Ihe strategic report and the directors, report.
We have nothing to report in respect ol the followng mallers VAle￿ the Compan￿$ A¢t 2006 requires us to ￿port lo
you. in our opinion-.
adequate a¢counting recofds have not ￿en kept, or relurns adequate foi our audit have not been
received from branches not visited by us. or
the financial slalemenl$ a￿ not in ag￿ement ￿th the accountitsj ￿COrdS and ￿tUM$., or
certain dixlosures of diredors. ￿MuneratIon speafied by law are not rTrade." or
we have not ￿e￿l¥ed all Ihe information and explanation5 require for our audrt.
Re$pon$ibilities of trustees
As explained more fully in the Iru$lee$' ￿spOnSIbl1￿*S slatemenl set out on page 15. the trustees Iwho are also the
d1￿clOr$ of the chantable company for the purposes of company lawl are responsible for the preparation of the
finan￿al slalements and for bein9 salisfied that they give a true atKS fair wew. and for such internal conlrol as the
Iruslees determine is necessary lo enab￿ Ihe preparation of finanual slatemeTrls that are free from material
misstatement, whelher due lo fraud oreffor
In piepanng the finanoal stalements. the Iruslees are responsible lor assessing the group's and tharitable company's
ability to continue as a goin9 ￿nce￿n. ¢Jisclosing. as applicable. matlefs ¥elaled to going Concem and using the goin9
con￿rn ba515 of accounting unless the Iruslees either intend lo IiquKlate the group or chanlable ¢ompany or lo cease
operations, or have no ￿811$11¢ alternative but to ijo so.
Auditor's responsibilities forthe audit of the financTral statements
Our objectives are to obtain reasonable assuran￿ about whether the finanoal stalements as a vthole are free from
material misslatetnenl, whether due to fraud of error. and to issue an auditor's ￿port that indudes our opinion.
Reasonable assuranc£ is a h￿h level of assurance. bul Is not a guarantee that an audit conducleé In accordan￿ with
ISAS IUKI will ahvays detect a rnalerial mtsstatemenl when rt eKists. Misslatemenls can arise from fraud or error and
are considered material if. Individually or in Ihe ag9￿9#le, they could reasonably be expected to Influen￿ the
e¢onornic decision5 of users iaken on the basis of these f￿anG￿l statements.
As part of an audit in ac￿rdanCe Trmth ISAS IUKI. * exeny5e professional iud9tnent aTrJ maintain professional
sceplic15ni throughout the audit. We also.
Identify and assess the iisks of material misslalement of the finanrjal slalements, whether due lo
fraud or e￿ts￿. de519n and perfofm audit Pro￿dureS responsive to those nsks. and obtain audit
evidence Ihal ¢s suifi¢ienl and appropriate to prov5¢1e a basis for our opinion. The nsk of not detecting
a niaterial misstalemenl re5ultsng from fraud Is h￿her than for one resulting from error, as fraud may
involve collusion. forgery. Inlenlional omissions. Misre￿$entation$, or the overrKYe ol Internal
control.
Obtain an understandin9 of intemal control relevanl to the audit in order to design audit procedures
that are appropriate In the urcutnstan¢es. but not for the purpose of eXp￿SSIng an opinion on the
effeclweness of the group s intemal control.
Evaluate the approprialeness of ac¢ounling polices used and the ￿0$Ortablenes$ DI accounling
estimates and related discfosures made by Ihe trustees.
17-

TURNER CONTEMPORARY
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF TURNER CONTEMPORARY
Audltorfs re$ptsnsibilitie$ for Ihe audlt ol the financial statements l¢ontlnu¢dl
Conclude on the appropriateness of the ItU5tee5' use of the going ¢on¢ern basis of accounting and,
based on the audit evxlence obtained. whether a maleftal uncertainly exists related to events or
conditions thal rnay cast 5KJnificafit doubl on the chaiilable cotnpany s ability to Continue as a goin9
nTrrn. If we ¢on¢lude that a material Un￿rtainlY exists, we are required to draw altenlion In our
auditor's report lo the related d15closures in the finanual staletnenls or, if such dis¢losures are
inadeqvale. lo modify our opinion. Our ¢ondusion$ are based on the audrt evideTh￿ obtained up to
the date of ovr auditor's report. Ho%%Ever. lulure evellls or conditions may cause Ihe ¢haritable
company ¢0 cease to continue as a going con￿M.
Evaluate the overall pre5entatioTr. structure and content of the finanfyal statements, including the
disclosures. and %thether the financial slalemenls rewesent the undetying Iran5a¢lions and events
ITr a manner that achieves lair presentation.
Obtain suffioent appropriate audrt evHJence regardirKJ Ihe finanrial infomation of Ihe entbties or
business actNilies wthin the group to express an opinion on the consolidated financial slalemenls.
We are ￿spOnSible for Ihe direction. supetvision and perfomiance of the group audit. We remain
Solely ￿sponSible for our audil opinion.
We communi¢ale wrth those tharged wth go¥ernancÉ regarding. among olher matters, the planned scope an¢J timing
of the audit and significant audrt fitKlings. irtluding aTry sigTrifi¢anl defiuences in inlernal control that we %lentify
during our audit
Extent to which the audit was Considered Capable ol detectiri9 I1￿9V￿ritIeS, In¢ludlng fraud
Irregulanlies, including fraud. are Instances of nonoompliance %wth laws and regulations. We design pro(*dU￿$ in
line with our responsibilities, oullined above and on the Finanaal Reportin9 Covnril's **bsite. lo detect rnalerial
misstatements in respect of irregulartrlies. including fraud.
We obtain and updale our understanding of Ihe entity. ils acliwties, ils control enthronmenl, and likely future
developments. Including in ￿la110n to the le9al and re9ulalory framewort¢ applicable and how the entity 15 complying
with that framework. Based on this undersknding. Klenlify and asses5 the risks of material misslalemenl of the
finanoal slatemenls, whether due lo fraud or errol. deS￿n and perfomi audit prO￿dureS responsive lo those risks,
and oblain audit evidence that is suffiuent and appropriate to provide a basis for our opinion. This Includes
¢onsideralion tsfthe risk of acts by the enlily that *re contrary to applicable laws and regulations. induding fraud.
In response lo the risk of Irreg￿la[rtles awKI ntsn-compliance wth la*s anL% ￿gulat￿)n$. Induding fraud. we designed
prO￿d￿re$ vthich In¢lude¢J".
Enquiry of managemenl and those tharged wlh governance a¥ound aclu&l and potential lituation
and claims as ￿11 as aclu31. suspected and al￿e￿ fraud".
Reviewng minutes ol meetiThJs ofthose charged wlh governance".
Assessing the extent of compli3￿e wth the laws and regulab.ons considered lo have a direct
material effecl on the financial slalemenls of Ihe operations of the o)mpany through enquiry and
inspe¢lion-.
Reviewng financ￿1 statement disclosures and testing lo supporiing documentation to assess
compliance wlh applicable laws and fegulalions,"
Performing audit work over the risk of management bias and override of conlr¢ls. induding lesling of
jtsurnal enlnes and other adiuslments for appropnaleness. evaluating the business rationale of
Significant transactions oulsKJe the normal course of business and ￿￿ewing accounting estimates
for Indicators of potential bias.
18-

TURNER CONTEMPORARY
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF TURNER CONTEMPORARY
Extent to whlch the audit was considered capable of detecting irregularitiès. including fraud l¢ontlnuedl
Be￿USe of the inherent limitations of an audi( there is a risk that we ￿111 not detect all srregulaflties, IncluditFg those
leading lo a material misstatement in the finanual 51aternents or non-cornpliance with regulalK)n. This risk
Increases the more that compliance wlh a law or regulation is removed ffom the events and transactions reflected
in the finanoal slalemenls. as we wll be less l¢kely to becotne aTr•rare ol in51all￿$ of non<omplian¢e. The risk of
not detecting a material misstalemenl resulbng from ffaud Is higher than for one resulting from error. as fraud rnay
involve collusion, forgery. Intentional omissions. misrepfe5enlatKlll5. or Ihe override of internal control.
Use of our report
Thi5 report is made solely lo the th8ritab￿ ujmpany's members. a$ a body. in accordance wth Chapter 3 of Part
16 01 the C¢mpanies A¢1 20￿. Our audit work has been ulldertaken so that we might state lo the ¢haritable
company s members those matters are requiW to slate lo them in an auditor's report and for no other purpose.
To the fullest extent pertnilled by law. we do nol accept or assutne re5POn51bility to anyone other than the
charitable company and the Charitab￿ ¢ompany's members as a b￿y. for our audit work. fer this report. or for the
opinions we have formed.
Michelle Wilkes FCA
(Senior Slalutory Auditor)
lor and on behalf of Azels Audit se￿ices
Statutory Auditor
Oale. .31..0.clober.2022
5th Floor
Ashfor(I Corntnerual Quarter
1 Dover Place
Ashford
Kent. TN23 1FB
19-

TURNER CONTEMPORARY
CONSOLIDATED STATEMENT OF FINANCIAL ACTMTIES (INCORPORATING INCOME AND
EXPENDITURE ACCOUNTI
FOR THE YEAR ENDED 31 MARCH 2022
UNre5tricted Restricted Endtswment
funds
funds
funds
2022
Total funds
2021
Total funds
Note
Income and endowments from..
Donations and legac*s
Charitable a¢livibes
Other trading a¢livrties
Investments
Museums and Galleries Tax Relief
Other
Total income and endowment5
165.842
1.482.291
360.783
374
47.462
102.613
2.159.365
30.000
333.004
195,842
1.815.295
360,783
57,208
47.462
102,613
2.579.203
122,641
2.081.576
92,963
52.731
125,180
358.772
2.833.863
56.835
363.004
56.835
Expenditure on..
Raising funds
Charitable aclivilies
Corporation ts¥- trading
Total expenditure
377.994
1.857.819
377.994
2.720.372
292.589
2,100.431
9.1391
2.383.881
813.714
48.839
2,235,813
813.714
48.839 3.098.366
Net In¢ome I lexpenditurel before gains I
Ilossesl on investments
176.4491
1450.7101
7.996
1519.1631
449.982
Nel gains on investments
12
100,623
100.623
605.543
Net lexpenditurel l income before
transfers
176.4491
1450.7101
108.619
1418.5401
1.055.525
Transfer between lunds
16
196.713
1196.7131
Net movement In funds
120.264
1450.7101
188.0941 1418.5401
1.055.525
Re¢on¢ilration ol funds-
Total funds brought forwarij
717,199
668.949
3.034.860
4.421.008
3.365.483
Total funds carried forward
837.463
218,239
2.946.766
4.002.468
4.421.008
All of the above arnounts felale to conlinuing activib"es.

TURNER CONTEMPORARY
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND
EXPENDITURE ACCOUNTI
FOR THE YEAR ENDED 31 MARCH 2022
Comparative only
2021
Unrestricted Restricted Endowment Totsl funds
fund5
fuDd$
Note
Income and endowment5 from-
Donations and legac*s
Charitable activities
Other trading activities
Investments
MuseLJms arKI Galler￿$ Tax fter￿f
Other
84.701
1.593.991
92.963
1.157
125.180
338.772
37.940
487,585
122,641
2.081,576
92,963
52,731
125,180
358.772
51.574
20.(X]O
rotal Income endowment5
2.236.764
5A5.525
51.574
2,833.863
Expenditure on..
Raising funds
charitab￿ activities
Corporation lax- trading
Total expendltu
292.589
1.640.661
19.1391
1.924.111
292.589
2, 100,431
19.1391
2,383.881
443.640
16,130
443.640
16.130
Net income before gains on investments
312.653
101.885
35.444
449.982
Nel gains on investments
12
605.543
605,543
Net Income before transfers
312.653
101.885
640.987
1,055,525
Tran5fer5 between funds
16
19.171
Net movement In funds
331.824
82.714
640.987
1.055,525
Reconclllation of fund5'.
Total lunds brought forwdrd
385.375
586.235
2.393.873
3,365.483
Total fund5 carried forward
717.199
fj68,949
3.034.860
4.421.006
All of the above amounts relate to contsnuing activil￿s.
21

TURNER CONTEMPORARY
CONSOLIDATED SUMMARY INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2022
2022
2021
Gross income of charilabk operalions
2,522,369
2,782,289
rol81 expendilure ol continuing operations
13.049,5271
12,376,889)
Net income I lexpenditurel before tax for the year
1527,1581
405,400
Taxation
Net income I lexpenditurel for the year
9.139
414.539
1527.1581
A detailed analysis of income by Stsur￿ is pro￿￿e￿ in the Stalemenl of Financtal ActiVi￿e$.
A ¢Jelailed analy515 of Nel Income belore In¥estmenls 1$ Shown in Ihe Statement of Financial AcINit￿$.
The Summary Income and Expenditure A¢¢ounl is dersved Ir(ffi the Statement of Financial Actiwties on page 20
which l(uether with the Notes lo Ihe Accounts on pages 26 10 36 provides full Information on the movements during
the year on all funds of the group.
Thefe a￿ no gains or losse5 for the year other than Ihose recognised in Ihe Slatemenl of Financial Activib'es.
-22_

TURNER CONTEMPORARY
CONSOLIDATED BALANCE SHEET
ASA T31 MARCH 2022
2022
2021
Note
Fixed a55ets
Tangible a55els
InvestTnents
11
12
29.412
2,946,766
2.976,178
14.896
2.936.473
2.951,369
Cur¥ent assets
Stock- finished goods
Debtors
Cash al bank and in hand
13
14
43.642
318,642
894.226
1.256.511
33,014
387.364
1.097.167
1.517.545
Crèditor8'. amounts fallln9 due wilhin ont year
15
1230.2211
147.9061
Net current asset8
1,026.290
1.469.fj39
Total assets less current liabilit6È$
4,(102.468
4,421.008
Funds
Pern)anenl endowrnent funds
Expendab￿ endowmenl funds
Restricted fund5
Unreslricled funds
Non-charitsbk fund5
2.926.454
20.312
218.239
736.608
1￿.855
2,825.831
209.029
668.949
707.802
9.397
17
16
12
Total funds
18
4.(M)2.468
4.421.008
The financial statements were approved and a￿th￿ised for issue by the Board on ..... .
Sign
ehalf of Ihe board of Irustees
Clive Stevens DL
Trustee
Laura Wrighl
Trustee
ompany Number- 06772337
-23-

TURNER CONTEMPORARY
CHARITY BALANCE SHEET
ASA T31 MARCH 2022
2022
2021
Note
Fixed assets
Tangible assets
Inveslrnents
11
12
24,725
2.947.866
2.972.591
9.951
2,937,573
2,947,524
Current assets
Debtors
Cash al bank and in hand
14
364.811
765.377
1.130.188
451.501
1.053.161
1.504.662
Creditors.. amounts falllny due within one
year
15
1201.1681
140.5751
Net current assets
929.020
1,464.087
Total a$set$ le$$ Current Ibabilities
3.901.512
4,411,611
Fund$
Permanent end0￿ent funds
Expendable endowment funds
Reslricled funds
un￿strICted funds
17
17
16
2.926.454
20.312
218.239
736.608
2,825.831
209.029
668,949
707.802
Total funds
3.901,613
4.411.611
The finan￿al 5talefflents were approved and aulhorised lor is$￿ by the Board ofi .... .......
on behalf of Ihe ￿)ard of trustees
Clive Stevens DL
Trustee
1,10 , , .{.,b
Laura Wright
TNslee
Company Number: 06772337
-24-

TURNER CONTEMPORARY
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2022
Group
Note
2022
2021
Cash flow from operating activitie5
20
1255.6191
370.380
¢a$h flow from investing activitie8
Paytnenls to acquire tangible fixed asseis
Payment lo acquire fixed asset investments
Proceeds on disposal fixed assel in¥estment$
137.6521
1288.9721
379.302
13.4321
1281.2741
250,477
Net cash flow from Investing a¢tivitie$
52.678
134.2291
Net In¢￿aSt in cash and cash equivalents
1202.9411
336.150
Ca$h and ¢a5h equivalents at 1 April 2021
1,097.167
761.017
Cash and cash equivalents at 31 March 2022
894,225
1.097.167
¢a$h and cash equivalents cosists of=
Cash al bank and in hand
894,226
1,097.167
¢a$h and cash equivalents at 31 March 2022
894.226
1,097,187
-25-

TURNER CONTEMPORARY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
1 A¢¢ounting policies
1.1 Basis of accounting
Turner Contemporary i$ a register￿ ¢harilab￿ cotnpany in the United Kirydom. The address of the registered
office Is given In the chaiity Infom)ation on page 1 of Ihese finanoal Slalements The nalure of the ¢harily'$
operations 2nd principal acti￿lieS Is the prOw$￿n of a petmanent G311ery in Margale which celebrate5 JMW
Turners association with the town and. Ihrough a vaned pr￿raMMe of exhibition$. evenl$ and learning a¢livities.
promotes an understsnding and enjoymeni of historical and contemporary art.
The charity consiitule5 a public benefit entity a5 defined by FRS 102_ The finan¢ial statements have been prepared
under the historical cost convention ￿1h items ￿¢09n1$e￿ at C05t or transaction value unles5 olhetwise sialed in
the ￿levant notes to these accounts. The financaal statements have been prepared in aecordan(* with the
Statement of Re¢ommended practi￿." Accounting and Repo￿￿9 by Charities prepanng their accounts in
ac¢orLlance wth the Finanual Reportsng Standard appliGgble in the UK IFRS 1021 issued on 16 July 2014 a$
amended by Bulletin 1 and Bul￿trn 2 and the Finanual Reporting Standard applicable In the United ￿ngdoM IFRS
1021 and the Charities Acl 2011.
The financial staternents are prepared on a going conr*rn basis under Ihe hislorical ￿)$1 convention. modified to
include certain items al tsir value. The financuol siaternenls are prepared in 5terfing *fiich is the functional
currency of the charity.
The significant 3¢￿￿n¢1ng polKies apphed in the p￿paratiOn of these finanaal statements are set out below.
These poliues have been consistently applied lo all years p￿sented unless othemse slated.
1.2 Con$olldatlon
In the op1￿10n of the member of the committee. the (ts￿panY and ils subsNJiary untjertakings c4)mprise a small
group.
The consolidated financial statements Incorporate the results of the charity and Ils trading subsidiary. Turner
Contempor8ry Enterprises Limrted, for the year ended 31 Ilarch 2022. Its other subS￿J1ary, Tumer Room5 Limited.
is not Induded in the consolidated accounls on the giounds it is not material. As a ¢onsolidaled Slalemenl of
Financial Activit￿$ Is published, a separale Slaternent of Finanaal Activities for the parent cornpany Is omitted
trom the group stslemenls by virtue of Section 408 of the Companies Act 20Q6.
1.3 Fund accounting
Unreslricled general funds are funds which can be used in a￿OrdanCe with the charitable objects al the lis￿tiOn
of the Iruslees.
Restricted fund5 are funds that can only be used for partwlaf restrided purposes within the objects ol the
ch8rilable company. Reslrdion arises vthen speafEd by Ihe donor Of when funds are raised for particular
restncted purpose5.
The endowrnenl fund 15 where fvnds have been provided by donors or 9rant-9iving b(xl*s on the condition that
they must be retained in order lo generate inve5trneot income to be used ITr line with the temis of the donation.
Income arising on endowment fvnd$ is generally expendable and is distributed to income funds in order lo be
spent.
1.4 Incomo recognition
All income 15 Included in the Ststement of Finanoal Adivilies ISOFAI when the Charity is legally entitled lo the
income after any performance condibons have been rnel, the amount ran be measured reliably and It is piobable
that the Incorne will be re￿iVed.
Donations are recognised then Ihey are received and any income lax re¢overable in ￿latiOn to
donations received under 9ift aid is reco9ni5ed al the l¥ne of the donation.
I grant income is recognised when Ihe ¢ompany is kgally entitled lo Ihe income and the amount can
be reliably estimated. Where grant income received relates ¢0 a later perirml, the appropriate amount
is deferred lo that penod.
Exhibition Income Is recogni￿ in the period in which the funds are available lo spend.
Museum and Gèlleries Tax Relief Is recognised once the clairn ha5 been processed by HMRC and
receipt is probable.
26-

TURNER CONTEMPORARY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Accounti￿ poli¢ies l¢¢xrt1n￿1)
1.5 ExpÈndlturÈ recogniti¢)n
JI expenditure Is accounted for oft an accxuaL8 ba$ts and has been dassified ur*ler headings that aggregatè all cost$
relaled to the category. Expenditure ¢5 recognised where Ihere ¢5 a kgal or conslruclive obligation lo make paymellls lo
third parties. il Is probable that IhÈ seluemenlwill tE rEqUI[￿ IIE ol Ihe 0￿gaI￿n ¢an be rne>su￿￿ relobly.
It 1$ talegorised under Ihe followirYJ headings.
- Costs of generaliThJ funds are Ihose Costs irtu1￿ in a￿￿ttIng voluntary income.
Chaiitable expeThli1u￿ ¢ornprises Ilk)se c0515 irKurred by Ihe charty In Ihe delNery of ils a¢bwt¢s arKI
5etvices for berEflciar￿$. It indudes tK)Ih costs allr￿ted directy lo such activities and those costs of an
indirect natu￿ ne¢essary to support Ihetn.
EXhI￿1￿)n costs are retogrrised a¢ross tt* duratth of exhibrtK)n initial p￿paratiOn to IF
removal of the exhb'tK>n ar¥J not for the duration ol Ihe exhibit￿ In the galkry.
- Support costs have Lwn alocated to categy￿S en a bas¢s consistent with use of resources e.g. staff
¢osts by lin￿ spent
1.6 Tangible fixed assets and depreclatlon
Tangib￿ fixed assets are slated al eost or valuatron fess accumulated dep￿tiatIon and aeeumu121ed impairment losses
Cost Incl￿e$ ¢osls diredy aiiributslAe to rr￿lry the asset capabk of ¢¥waling as intended. Fixed assets below £500
are not capitalised.
Equrpmenl
Fixtures aThY fittiffj$
50% Stra￿h1 li
25% straHJht line
1.7 Stocks
Stodt is valued al the Irrwerof c05t and nel reah"sable vahje.
1.8 Investment$
Invesimenls a￿ ￿COgnI￿1 iniliJly at fair wal￿ whKh i% rKxm4ly Ihe Irawc1￿ price eX￿￿11[￿j transaction costs.
Sub5equenlty. they are rneasured al fair value with Cha￿e$ rettsJniserf in 'nel gains I Ibssesl on Investments, In th
SOFA if the $hare$ are publ￿ty traded or their lair Val￿ can othetwise be measured reliauy. Other investmen15 are
measured al cost less M￿rment.
1.9 Debtors and creditors rece6vaNÈ I payable vllthin onÈyear
Deblor5 and creditQTS with no slated interest rate and rer£ivable oi payablè within year are recorded at transaCt￿n
price. Any losses arising frixn impairment a￿ re¢ognised in ey4ErKJrtufe.
1.10 Tax
tharity Is an exempi charity ￿thin Ihe rtEarkiry of schedule 3 01 the Charilie5 Act 2011 and 15 considered lo pass the
tests set out in Paragraph I Schethjle 6 Finance Atl 2010 arMI Ihereffft it meets the definition of a ¢harilabk ¢omp8ny
for UK corporation lax putposes.
The lax currenvy payabk i8 based on tsx*)le profit year ar%J represefils la¥ on the traj1￿ $ubsKJiary'$ profits.
Taxable profil differs from rEt profil as reporteil in the profil aryj 1058 attount because it exdudes items of income or
expense that are taxab￿ Of Wu¢tiUe in other years and il further exclude5 ilwlls Ihal are rEver taxab￿ or deduclibk.
The trading subsidiary company s liability lor current lax ts cakulaled using tax lates that have been enacted or
sijbs18nlively enacted by reporbng end dale.
1.11 JudqemÈnt$ and key source5 01 eslimalion uncertainty
Accounting eslimales and judgements are conbnualty evaluated wd arÈ based on historital expÈrien¢e and other
factors. IncludJD9 expectslions ol ful¥re even15 that are tel￿d lo reasonth uThJer circumstances.
Usefijl economK Ir*es ollanW8 8ssels
The annual depreciation charge for ¢an￿e assets rs sensitive to chan9es in the estimated useful etonomic lives and
res￿￿¥1 valves of the assets. The useful econ0rn1c hves and resklual values are reassessed ènnually. They are
amended when necessary lo refl&l ¢urrenl e$titnales. based on lechnol(vJKal wJvancenEnl, future investments.
ewnomic ulilisalion and Ihe physiGII Condi￿0￿ of the as￿[s. See note 12 for the carrying amount of the property planl
and equipment. arKI note 1.6 ￿lu1 ecor￿￿ lor each dass of assets.
-27-

TURNER CONTEMPORAR Y
NOTES TO THÈ FINANCIAL STATEMENTS
FOR THE YEAR ENDED 37 MARCH 2022
Accounting polfjc￿ Icontlnu8dl
1.12 Golng concorn
The Iruslees are of Ihe Ihal c￿l￿nporary is a G￿n￿ C(￿￿rn a$ al 31 Marth 2022.
The organisalian re￿￿e& S￿n￿can1 core frotn KÈnt C(xMbty CourKI and AJIS CLXAKII EnglJThJ IACEI. The
amount of Ihis furKJThJ is agreed up 10 31 March 2023 and boih tuThJers have maintained IIEir suppori throughout
the Covid Pandemic al the same kvels %%ilhtyJl reducbon. Fwhyiro fTtxn ACE as a National Portfolio Or9anisaiion
for the three years frorn 1 April 2023 %*ill arnoun￿ in Odober 2022 bul based M di$utssions and indicatsve
figure$. the Iru51ee5 are confident that lundiry ￿711 ¢￿t￿lut io ettsure Ihai the organisalion can conlinLE lo operate
over the term of the hjndiru asyard.
Cash balances and ie8eNes remain heallhy with core lundry beirvj wsj In stages Ihroughwl Ihe year There *•s
a defiul on urYeslrKled fuTrYs durvvJ year resulliry frtxn Ihe a(klilwal c051s of comitVJ ¢xrt trf the pandemic
ckdown al a lime Ir￿0[￿e has not yet ￿1ft lo pfftious ￿Vels. However. aebwty is inueasiry In all a￿8$ of
operation.
The Iwstees recognise an exislenlial t1￿eat lo Ihe 0r9ani5a1￿ from WKxeasts in e￿rgY costs in Ihe current year.
Ho￿*ve[. Irusiees are of the 0￿r¥On thai m a vA)rsi tase posilN)n there *ill te the cash reserves lo meet Ihese
costs in 2022 and 2023. although goverrmenl ￿ may te lorth￿Mi￿ fT(Xn a w administralion.
Reslricled Reserwes have been carefvlty re¥￿￿1 and Turtv Cwlemporary doe5 tbot expecl lo have 10 reiurn any
reslricled fvnds held for no￿￿rfO￿nan¢e ol conlracted adwit￿S. The Endo￿￿1 is also managed by Charfes
Stanley a mediutn- low risk rnatbagernpTrl wofle arNI Ihprefore the medium term risks lo the invesimenl
valuabon are ￿￿dered 10 be Iu+V.
1.13 Govomm8llt grants
Govemmenl granls are recognised al the lair of ihe assel received or receivabk vknen there is reasonable
asswan¢e that Ihe grant Condit￿n$ w4 mel aThJ It￿ gtanls VAI be received. A granl that specif￿S performant
ondilions Is recogni5ed in incoffte ¥knerb the performan￿ condibon5 are rtl. Where a gfant does not specify
perfortnance conditions rt is recogr¥5ed in incotne the wo¢*ed$ are recewed or receivabk. A grant receNed
before IhÈ recognthon uiteria are sati$W is re&￿Th$e￿ as a h"ablity.
Donations and Legacies
2022
2021
Donations and sponsorships
Corporate p8lron$
126.S09
69.333
19S.842
60.528
62,113
122.641
Income from charitabl8 activilios
Grants r8colvablo
Kenl County C(AJnfil- Core
Arts Counal Engl3(￿- Core
Kenl County Counal. RetKlez¥ous
Arts Counol EngtsiKI- ¢￿alIVe Co351
Arts Council England- Slralegic T¢yJn
Arts Council England- CovK1 R￿0very FuThY
Arts Council EnglaNJ- Maf9ale N(M
B￿0￿be{g Philanlhr(pie5
Creative Fdke51one
East Sussex County Counul
Esmée Fairbaim Foundalio
Soulh Easl Local Enterprise Partnership ISELEPI
University ol Kent- Creaiive Estuary
Thanei Disiiitl Councl
Chatham t)ockyard
Melal Cullure
Uiiiversily ol the Arts London
Clore Dulfidd F(￿￿jaIlon
Cai8tys1
Olher (less than £10,tSJOI
2022
2021
510.000
681.791
295.000
20.0
22.373
590.000
681.791
295.000
120.000
104.000
21.900
50.000
135.131
48.866
14.0(X)
61.900
50.000
60.(M)O
18.000
15.000
12.718
11.000
25.000
14.011
16,390
2.081,57fj
22,Ql)O
1.815.295
-28-

TURNER CONTEMPORARY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
4 Incomè from other trading a¢bviti*s
2022
2021
Learning pr￿r8￿Me income
Public programme income
Trading sub$Kliary l$ee llote 131
8.768
11.0371
85,232
92,￿3
357,115
360,783
S Other Incorne
2022
2021
Olher income
Curatorial serv￿e$
Job retention scheme grants
20.945
37.500
44.168
102,613
15.8(
45.0(X)
297.966
358.772
Staff
costs Direct costs
Support
costs
2022
Total
2021
Total
6 Expenditure
RaisiTrJ funds
Trading
Fundraising
Taxalicn
118.321
82.618
141.683
9.605
265.702
112.292
170.258
122,331
19,1391
20.070
Charitable activities-.
E¥hibilion5 programme
Learning progralnrne
Visitor eX￿r￿n
297.102
290.615
507.050
1.295.71
655.394
219.578
165.192
1.191.452
184.321
201.743
199.378
611.210
1.136.817
711.935
871.620
3.098.366
929,752
483.335
687.344
2,383.881
7 Support Costs
Raisbng
funds
2022
Total
2021
Total
Exhibition
L*amin9
i$itor
Trading c0515
Trainin9 and other $tatr
costs
Travelling
H05pilalily
Light & he31
Repairs and ienewals
Printing. postage &
stationery
Computer costs
Telephone
Insurance
Subscriptions
LI￿nseS and fees
Consultancy fees
Professional fees
Other support costs
Depreciation
Governance..
5.698
10.796
16.387
2.602
7.359
47.059
32.235
33.043
2.841
9.865
47.059
32.235
19.520
1.873
7,046
47.059
33.%1
68.950
7.317
24.270
141.176
98.432
13.759
534
727
81.393
103.543
4.658
16.822
7.430
16.132
1.877
899
918
17.9)4
2.185
6.785
4.658
16.822
7.430
13.662
2.614
767
918
17.904
2.(￿9
6.785
13.974
53.519
22.289
43.456
14.797
4.908
2.754
53.713
26.396
20.353
11,280
40.637
21.637
37.237
14.686
7.130
38.985
49.652
24.871
22.379
19.875
7.430
13.662
10.306
3.242
918
17.904
2.070
6.784
20.070
3.070
184.321
3.070
201.743
3.070
199.378
9.209
611.210
8,550
487.796
25.768
29-

TURNER CONTEMPORARY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
8 Net income for the year
2022
2021
This 1$ Slated after ¢hargin9'
Dep￿cIall0n
Auditors remuneration
audit
other Se￿l¢e$
23,136
24.569
9,209
7.568
8.550
6,798
9 Staff costs
2022
2021
Wages and salaries
Social security costs
Other pension costs
1.171.615
90.264
33.827
1.295.706
1,208,505
92,316
35,332
1.336,153
The average number ofernployees. by head￿unI. during Ihe year.
2022
2021
Staff
69
82
The nuwnbei of employees whose remuneratron lor the year lell valhin the followng bands We￿..
2022
2021
No.
£80.000 to [89.999
The pension contnbutions for the employees in the almjve band We￿ £4.01512021 £6.0191.
The Senior management team comprtse the key managemenl F*rsonnel of the charity sn charge of directing and
controlling. running and operating the charity on a 4Jay Its day basis. As delaikd above. no trustees received
remuneration during Ihe period. The remuneration to the employees. induding employers national Insurance
and ernployers pension ctsntribufvons, total £318.82012021. £355,￿9}.
10 Trustee ￿MUneratIon
The ITUStees were not paid rernune¥ab"on or reimbursed expenses dunng the year (2021." Nonel.

TURNER CONTEMPORARY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
11 Tangibl8 fixed assets
Fixlures,
littings &
equipment
Caterlng
equipment
Computer
equlpment
Gmup
Total
Cosl
As at l April 2021
Additions
D1SP05als
As al 31 March 2022
289.955
35.129
19.462
1.495
40.058
1.028
132,5001
8,586
349,475
37,652
132,5001
354,627
325.084
20.957
Deprecialion
As a11 Apnl 2021
Charge
Eliminated on disposal
As at 31 March 2022
276.821
21.434
17.700
1.188
40.058
514
132.5001
8.072
334.579
23.136
132.5001
325.215
298.255
18.888
N81 book value
As at 31 March 2022
As at 31 March 2021
26.829
13.138
2.069
1.762
514
29.412
14.897
Fixtures, fitting5 &
equlpment
Charity
Cost
As al 1 April 2021
Additions
As al 31 March 2022
248.523
35.129
283.652
D8pr8ci81
As al 1 April 2021
Charge
As al 31 March 2022
238,573
20,353
258.926
Nel book value
As at 31 March 2022
As al 31 March 2021
24.725
9.951
12 Fixed asset Investments
2022
Total
2021
Total
Group
Market value at 1 April 2021
Additions
Disposals
Change in value in year
Movernenl on cash balance5
Market value al 31 March 2022
2,936,473
288,972
1293,4651
100,623
185.8371
2,946.766
2.300.131
281.274
1116.5961
605.543
1133.8791
2.936.473
HisloriGql cost
2,527,895
2.436.998
There no malerial inve5trneDt5 31 markel value lin eX￿$S of 54k of valualionl
Cash
7.432
7,432
93.269
93.269
31

TURNER CONTEMPORARY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
12 Fixèd as$ot invostmonts Icontinuedl
Sharns In
$ubsidiary
Ligtod
urKlertaking In￿StM￿nts
2022
2021
Total
Total
Ch811ty
Co511 Markel value al 1 April 2021
Addiliws
tlsposèls
Change in value in year
Movemenl on cash balances
Matkel value al 31 March 2￿22
1.100
2.936.473
288.972
1293.4651
1(M).6rJ
185.8371
2.946.766
2.937.573
288.972
1293,4651
11)0.623
185.8371
2.947.866
2.301,231
281.274
1118,5961
605,543
133.8791
2.937.573
1.100
Historical cosl
2.527.89S
2.528.995
2.482.650
There w*re M material InVestrT￿ at rnatkel Val￿ lin excess ol 5% of valualwl
Cash
7.432
7.432
93.269
2022
2021
Llsted Inv8Stments by Cla$s IGroup and Charity)..
Fixed Income
UK Equity
Inlernalional Equity
Property
Allefnalives
Mixed Inveslmeni
Cash
250,092
759.855
1.456,190
81.479
345.541
46.177
7.432
2.946.766
262.014
761.423
1.364.218
73,060
334,022
48,467
93.269
2.936.473
Holdings of moro than 20%
The charityho￿$ more than 20% oflhe share capital of folk)vary compary.
Proportion of
voting rights
and ordinary
shaw capital
held
100%
Country of rogistiatlon or
incon)oration
ErvJlatKI aThl Wale5
Prfnclpal
activlty
CoThmeToal
actiwties or
Tur￿[
Conletnporary
AfAYnm(xJalion
Subsldiary undertaking
Turner Conleinporary Enlerpnses LinNied
TurnÈr Room5 knffliled
E￿¥a￿l aThl Wa￿$
100%
Turnei
Contemporary
The trading rewlls ol Tumer Enterprises knmited far yeat lo 31 Mwth 2022 are as folk￿".
2022
2021
Tumover
i>anl reTrived
Bat* inieresi
C051 of sales
Adminislralh)n co81s
Audil and accountancy fees
OperalitvJ Idefiolysurplus for the￿ar
Gin aid paid
Corporaiion lax
RelairEd Idelioll for Ihe year
350.050
7.065
85,182
37.024
50
147.8071
1118.2731
1141.6831
14,0631
91.458
148.0021
9.139
138.B631
91.458
The assels and Iiabthlies ol It￿ sUbs•ji￿ v*re'.
Tan9ible Iixed asstts
Current assÈts
4,687
212.163
1114.9951
101.855
4.946
1104.7201
10.397
Ag9regale share capital resefve5
-32.

TURNER CONTEMPORARY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
13 Stock
Group
2022
Charity
2022
2021
2021
Retail stock
43.642
43.642
33,014
33,014
14 Debtors
Group
2022
Charity
2022
2021
2021
Trade debtors
Amounts due from SUbS￿l8ry
Olher debtors and prepaytt*nis
150.4fj6
182.9)7
140.078
85.942
138.791
364.811
182.297
97.387
171.817
451.501
168,176
318,642
204.447
387.364
15 Creditors.. amounts falling due
Group
2C122
Charlty
2022
2021
2021
Trade credit￿5
Olhet creditor5 and accruals
130.892
99.329
230.r21
14.264
33.642
47.9)$
121.465
79.703
201.168
11.478
29.097
40.575
16 Restrl¢ted lun¢ts
2022 current
Transfer
between
Asat31
funds March 2022
As at 1 April
2021
lrtomÈ Expenthture
Leaining piogamr
Exhibitions programme
England's Creative Coa$1
Creative Transition PwrarThne
O Doatnland
O Dreamland- Emer9ing Produce￿ Fu
Pioneeriry Places
Strategi¢ Tour (Seaside pholograpl*dl
Bloomberg Connects
76.077
T2.838
379.787
42.277
147.970
37.(
37.SM)
21.￿)
1105.7491
124.7611
14(K>.7871
142.2771
144.9171
7.328
35.577
143.053
8.281
135.131
22.373
1135.1311
122.3731
126.(X)01
1813.7141
24.IX)O
218.239
668.949
363.IXM
2021 comparative
A$ 011 April
2020
Transfer
Asat31
beiween March 2021
Income ExF￿￿￿t￿re
Leaming prcgamryE
Exhibitions programme
Englar¥J's c￿at￿e Coast
c￿alIve Transition Pregramme
O Dreamland
Pioneering Plaees
Cultural Recovery Fund
39.101
1S.252
YJ7.116
74.766
150.1￿*
144.551
185.7541
122.5521
I147.￿79)
132.4891
12.0301
148.8681
I104.￿0)
1443.6401
76,077
22.838
379.787
42.277
147.970
16,2521
8.902
211.718
104.(KKI
545.525
668.949
Learn1r￿ programme
These prOgram[￿S are lo afvance the educ31ion of the public. There are several dixrete elwnents to Ihis programtne.
Much of the learning pr¢gran¥ne 1$ sup[￿e[S by extemal furmling whith indudes Catalyst. Clore Duffield Foundation.
Chartered Accounlanls. Livery Company. Esn*e Fai￿aIrn FouThJabon. Uni¥vsity of the Ciealive Art5 Lunaira Tiust.
Exhibilion5 programme
Contributions have been reeei¥ed towards the costs ol $14irvJ spwjfic exhibitsons duriry the year and for future
wograTnrnes. Contributor5 indith Henry Mwre FOu￿JaI￿. Paul Mellon Cenlre. anol Art Fu￿.

TURNER CONTEMPOIiARY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
16 Restricted funds IcontinuÈdl
England's Creative Coast
Supported by Arts Council En9land aTrJ w￿•t England. Twner Contemporary is the kad parfrer of EngkrKI's Crealive Coast.
a cultural louiBm proiecl involwng gal*(￿$ in Essex. Kent aThl East Sussex. A key e￿ment of this prgect 15 a senes of
puNic art cL￿MiSs￿￿$. the exhljition of which was &unched in sprity 2021.
CTealwe Tr¥ns*ion Programn
This is a mult￿year project lo enabk thousa￿lS mre yourvJ in Thanel lo have access lo world da55 art. empowering
them lo develop confidence, team bu￿Ing aTrJ lrfe skilb. Ths has been fund￿ by varws supporters Ind￿lIng Peter
Selman and W3tes FOuTrJat￿Tr.
O Dreamland
This projecl Is inspiied by Lindsay Anderson's fihn Y) DreamlaThf m*le ￿ Margale in 1953. ar￿ wll i￿lude workin9 with
people frorn the local eommunity lo develop a rn4or exh*>*K)n lo be shown at Turner Contemporary In 2023. Support for this
prqecl has been re£eNed from Fredand$ FtyjrK1al￿ ar￿ CrealNe Estuwy.
Pioneering Places
This projed is part of a WMlÈr programn* of actmty Cfeabve FokestonÈ and swx)rted by the NatYJnal Lottery
HerI￿ge Fund. The project focu5es on enaNing cdtural. communty atKI wc ￿aniga1￿>n$ io WOTk dosdy in order lo
reitnagine E851 Kenl'5 future by ex￿0￿￿ henlage. de¥eknp￿g civic prkye and conrEcl affl￿1$ arKI communities. U$ing chikl-
d leadership, TvrrEf Conlemtx)rary has worked wth a 9￿up of prvnary S¢￿)1 chiklren in Ramsgale lo wnmi$$ion an
arfwotk lor Ramsgale Har￿￿r. The afvort. by Conrad Shawcross. wjll ie dJ5pLiyed fiom Summer 2021.
Cultural Recovery Fund
The Cultural Recovery FuTrJ was launched in 2W20 ty lo supwt cullural organisalKins impacted by the coionavirty5
pandemK. fundiNJ frcrf)) the Departmenl f￿ DYJrfal. Culufe. Media aThl Sport IDCMSI. and adm*iistered by Arts
Council ErKJland IACEI. The grant covered the gaI￿rys aclmty during Ihp petiLMI Ocithr 202010 Marth 2021.
Strategic Tour ISea5Kle pholograpWI
Arts Council Engla￿ supporte(l a lour of Sea5kle Pholcgrapw. a major exarniruny ItE relationship belween
phot￿rapher5, pholryraphy Br*i5h seaskje from tbe I8￿ lo the yesent.
BlO￿￿ber9 Cmnects
BloTrxberg Philanlhr(W*S SUPKX)rted the 9alery 10 j(xn its rrK)tMb ￿alf0M1. ￿(x)mb￿9 con￿¢1$. Throtyh this. gallery
has created its firsl ever dvJilal guide for Visit￿5.
Transfer bet￿en funds
Transfers relale lo prqecls are comF4eled where costs Micorreclty alk¢4led to unreslrKted in prh)r year or
incorieclly allocaled lo reslncled expeThliture and income thai fu￿JerS have staled can be unrestiicied.
17 Endowment lunds
2022 current
As at l April
2021
Income
Expenditure
Gainlllossl Transfers As at 31 March
on
2022
PèmianÈnt
Cal8tysl E￿th4menI
2.825.831
100.623
2.926,454
Expendable
Cai8Sysl Er￿{rI￿ne￿I FurKI
209.029
3,034.860
148.8391
148.8391
11%,7131
11*.7131
20,312
2.946,766
100.623
2021 - Compardtive
As at 1 April
2020
Inry>me
EXPend￿lUTe
Loss on
inve5tmÈnls
Tran$fÈrs As at 31 March
2021
Permanent
Calatysl Er￿0V￿￿e￿I FvrKI
2,220.288
fg)5.543
2.825.831
ExpendaWe
Cal8tysl Er￿ul1r￿ent FurKI
173.585
2.393.873
51.574
51.574
116.1301
116.1301
209,029
3,034,860
605.543

TURNER CONTEMPORARY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
17 Endowment funds Iconlinuedl
Catalyst EndowTnenl Fun¢J
Turner Contemporary has established the Catalyst Endovrnent Fund lo provide an investment retum to
support commission5 In the public iealtn. events outside the gallery, ￿SIdenCY pro9rammes and to
support acquisitions In Kent The permanent endownent fund must be kept for 25 years and only the
Income and capital growth frorn the inveslrY¥ents can be spenl dvring this period.
Transfer bet%4een funds
The Turner Contemporary Expendable Endovmient Fund IEEFI is restiirAed for use only fOr-Endo￿lnent
Putposes. which is defined as costs supportlllg cornmissi0fj5 In Ihe public ￿81m. events outSKSe the
gallery, ￿SidencY programme$ and supporting acouisrtions in Kenl. Certain costs were incuried in the
year for these Purposes and the income has been transferred to offset Ihe5e ¢osls. In addilion a transfer
between the EEF and ynreslrthd funds has been done to a9ree lo Ihe ¢arrying value of the investments
on the 8alan￿ Sheet.
18 Analysls tsf net a$$ets
between fund8- 2022 -
Net current
a$$ets
Fixed a55et5
Total
Unrestricted funds
Reslri¢led funds
Permanent End0￿￿ent lunds
Expendable End04￿￿ent funds
Non-charilable funds
29.412
707.196
218.239
736.608
218,239
2,926,454
20,312
100,855
4,002,468
2.926.454
20.312
100.855
1.026.290
2,976.178
2021 - Cornparative
Net current
assets
Fixed assets
Total
un￿$t￿1¢ted funds
Reslricled fund5
Endowment funds
Non-tharitabk fund5
14.896
692.906
668.949
98.387
9.397
1.469.639
707,802
668,949
3,034,850
9.397
4,421,008
2,936.473
2.951.369
19 Commltmenl$ under operatlng lea$e$
Tolal future minimum lease payments under fiOTrcan￿JlaI￿e operating leases are as follows".
2022
2021
Within one year
Between two and five years
7.622
13.215
20,837
3,302
9,906
13,208
20 Reconciliation of net income to net cash flow from operatiny activities
Group
2022
Group
2021
Nel Incorne for ye3r
Non-cash movernents on fixed asset inveslments
Depreciation and Impairment of tangible [￿ed assets
Ilncreaseyde¢wase In stod(s
De¢reasellincreasel in debtor$
Increase in creditors
Nel cash flow from operaling acbvities
1418.5401
1100.6231
23.136
110.6281
68.722
182.313
1255.6191
1,055.525
1605.5431
24.569
17.238
1133.6391
12.229
370.379
-35-

TURNER CONTEMPORARY
NOTES TO THÈ FINANCIAL STATEMENTS
FOR THE YEAR ENDED 37 MARCH 2022
21 Related party transactions
During the year. £6.397 12021. £4.0591 was donated to Tumef Contemporary by eight 12021.. six)
Irustees. Each Individual donation Wds nol material to eilher party.
Sir Stephen Deuchar was appointed a trustee ol Tumer Contemporary on 1 Apnl 2022. He 15 also a
Iru51ee of Creative Folkeslone. A giant of £135.131 was awarded by Creative Folkeslone lo Turner
Contemporary during the year. Funds kntre also rer*Ned from Creative Folkestone in the previou5 year
but as Sir Stephen Deucharwas only appointed on 1 April 2021 these We￿ not required to be disdosed.
22 Company lirnited by guarantee
The company is a company limited by guarantee_ The members of Ihe company are the trustees narned
on page 1. In the event of the company being wound up. ihe liabihty in respect of the guarantee Is limited
to £1 per member of the Company.
23 Capital commitments
Group and charity
2022
2021
Expenditure contracted lor but not prO￿￿ed in the accounts
14.031